'Consumption may have hit rock bottom': China’s COVID-19 woes slash pork demand
‘Consumption May Have Hit Rock Bottom’: China’s COVID Woes Slash Pork DemandZhang Yun—China News Service/VCG/Getty Images‘Tis the season in China when whole hams and cured sausages should be flying off the shelves as households prepare for the Lunar New Year, the biggest festival in the nation’s calendar.
Pork is China’s staple protein, accounting for about 60% of all meat consumed in the world’s most populous country,McKinsey & Co. Raising hogs is a business that includes millions of family smallholders, to giant agricultural concerns, to the trading houses that ship animal feed from farmers as far afield as the US and Brazil to fatten the world’s biggest herd. And the lunar holiday, or Spring Festival, which falls this year at the end of January, is when pork is usually most in demand.
The ramifications extend beyond the domestic hog industry. Pork is a key food component in the consumer price index, so falling prices will be welcomed by a central bank wary of the inflationary impact of China’s reopening. The latest figures for December showed pork inflation decelerating on year, and contracting on a monthly basis. But the foreign farmers that supply animal feed will be less sanguine. China’s import bill for soybeans alone topped $60 billion last year.
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