The total pig population in China has been increasing for the fifth month in a row. As a result, prices for pork and pork products are gradually decreasing. China's Ministry of Agriculture announced that livestock for November rose 29.8% year-over-year, while breeding pigs increased 31.2% year-over-year.
Average pork prices fell to 45.8 yuan ($ 6.99) per kilogram, the lowest in 2020. The ministry notes that the downward trends were achieved thanks to an increase in meat supply in the country's market, which may be bad news for major foreign suppliers of pork in the Chinese market, such as the United States, Brazil, Spain or Canada. Market analysts note that pork exporters to China need to find new sales markets in the near future to avoid turbulent conditions in the global meat market. Recall, earlier this year, the Ministry of Agriculture of China reported that the country aims to achieve 95% self-sufficiency in pork over the next two years.