Chinese pork imports expected to grow 33% this year to meet domestic demand

China expects to import more soy and pork this year to supply domestic demand, after the coronavirus pandemic and the impacts of swine fever decimated its pig herds. Meanwhile, soy imports are estimated to reach 92.48 million tons this year. The forecast is that by 2025, they should grow to 96.62 million tons, while in 2029 they should reach 99.52 million tons. This forecast was released by the country’s agriculture ministry in a video conference on Monday, April 20.

Pork imports this year are expected to grow to 2.8 million tons, an increase of 32.7% compared to year-ago levels.  China is a major buyer of soy and pork globally and imports millions of tons of oilseed a year to process it into animal feed.  African swine flu, however, reduced the country’s pig herd by more than 40% last year, reducing the supply of the main pork-consuming country. Adding to the effects of the coronavirus, which hit pig transport and delayed the resumption of slaughterhouses, Chinese meat prices rose in February to record levels.

Despite higher imports, pork consumption in China in 2020 is expected to drop to 42.06 million tonnes, down 5.6% year-on-year, due to high prices and falling consumer demand due to coronavirus, according to the ministry.  Domestic pork production is expected to drop to 39.34 million tons in 2020, recovering to 54 million tons in 2022.  For soybeans, Chinese domestic production is estimated to reach 18.81 million tons in 2020, up 3.9% year-on-year.

Source: Reuters

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