China is buying pork worth $100 million from Danish Crown
Danish Crown and COFCO, a state-owned company from China responsible for the state reserve, have signed an agreement to supply pork in 2020 for the Chinese market. According to Reuters, COFCO has announced that is going to pay $100 million to Danish Crown for the pig meat that is going to be delivered next year but the volume was not disclosed.
"It is one of the biggest transactions done by our company in a long, long time", stated Lars Albertsen, sales manager for Danish Crown pork.
The Danish company has delivered pork for COFCO in the past and it is considered one of the preferred suppliers. It also has a production unit in China. Pork production in Asia is in decline after multiple ASF outbreaks have been registered in China, Vietnam, South Korea or the Philippines. According to several experts, China is confronted with a deficit of 10 million tonnes of pork and the situation can become worst in 2020. The prices are also at historical levels influencing the global meat market as high volumes of alternative proteins are imported to cover the shortage of pork created by the African Swine Fever situation.
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