China's sow population fell 3.2% at end of October

The number of pigs slaughtered by China's pig farms fell 2.6 percent from a year earlier to 264.21 million in the first 10 months of 2024 , data showed .

Chinese pork prices are expected to experience further significant downward pressure in December 2024 due to a pork glut and weak consumer demand. Prices have fallen to multi-year lows, with a recent 6% drop due to deflationary pressures in the overall economy. The average price of live pigs nationwide was around 13.8 yuan per kilogram, or about 1.76 euros, down from the start of the year.

The Chinese government has tried to stabilize the market by buying pork for its strategic reserves. However, these efforts have not fully offset the price declines. Farmers are being urged to sell pigs quickly to reduce surpluses, adding to the downward trend in prices.

Despite the difficulties, CHINA is importing more pork to offset a decline in domestic production caused by financial losses among producers. Imports are expected to grow moderately, mainly from countries such as Spain, Brazil and the United States , although they remain below pre-2020 levels. Overall pork production and consumption are projected to remain relatively stable through 2024.