Food prices are rising
Strong demand for pig meat in East Asia has influenced Meat Price Index in May, reports UN's FAO. Global food prices rose for the fifth consecutive month in May, pushed up by rising prices of cheese and maize due to adverse weather conditions.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, averaged 172.4 points in May, up 1.2 percent from the previous month while still 1.9 percent below its level in May 2018.
The FAO Meat Price Index was up marginally in May as pig meat price quotations continued to rise amid strong import demand from East Asia, where the African Swine Fever has decimated production. Bovine meat prices eased from their April highs, reflecting elevated global export supplies.
According to data released by the Chinese authorities, in April, pork imports were higher by 24% compared to the same month last year. For the first four months of this year, China pork imports are 8.4% higher than the volume reported in the same period of 2018 but April seems to be the start for a period of increased imports.
Analysts are expecting a surge in meat imports in the second half of the year as pork in China's cold storage is depleting constantly. At the same time, Vietnam is also increasing its pork imports as the ASF virus is spreading to the country's pig herd.
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