“China imported about 400,000 tons of pork and pork offal in the first five months of this year, up 43 percent year-on-year, and imports will probably hit a record 1 million tons this year,” said Ma Chuang, deputy secretary-general of the China Animal Agriculture Association.

An earlier report from the Netherlands-based Rabobank Group indicated that the potential gap between pork supply and demand would be between 2 and 2.5 million tons in 2012. The import volume of pork and pork offal will be 1.1 to 1.4 million tons this year, which will be between 25 percent and 60 percent higher than 2010′s figure.

China’s pork prices, a key driver of inflation, rose 0.7 percent in the week ending Sept 11 from the previous week, hitting a new record, data from the Ministry of Commerce showed on Wednesday. It was the fifth consecutive weekly rise in pork prices, according to Reuters.

“The imports of pork and pork offal will not have an actual influence on surging domestic prices because imports only account for a very small share of China’s huge pork consumption, and it is not practical to turn to imports to curb the price,” said Huang Guiheng, a manager in the research department of Bric Global Agricultural Consultant Ltd, a domestic market research firm.

The price of pork will continue to be high in the foreseeable future owing to the rising cost of labor, corn and feed and the risks inherent in the industry, such as stock mortality. Huang said prices will begin to decline “around the second quarter of next year, with supplies increasing from July onwards”.

However, Ma said the central government will not rely on imports to regulate the price surge, although there is no limit on imports. He expects pork prices to have a “soft landing” as the market regulates itself and “steadiness and sustainability are key factors for livestock production”.

China’s imports of pork and pork offal reached their peak in 2008 with a volume of 910,000 tons. In 2010, the country imported 900,000 tons of pork, with Denmark being the major supplier, followed by the United States, Canada and France.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com

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Posted by Shayne Heffernan on Sep 22nd, 2011and filed underBRIC, Latest News, Lean Hogs, Meat & Livestock, Pork Bellies.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.