China's pork prices continue to fall

Pork prices in China continued to decline last week as supply increased and demand softened, official data showed.

From May 11 to 15, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 36.35 yuan (about $5.1) per kg, down 9.1 percent week-on-week.

The price retreat came as the government has been taking multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

To soften the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans to major pig-producing counties to restore production.

Pork production is expected to reach 48 million metric tons this year, 5 million tons more than that last year, according to a report by the Chinese Academy of Social Sciences.