Price of pork soars in supplies crunch

HONG KONG - The wholesale price of pork in Hong Kong has surged by 20 percent as supplies from the mainland have dwindled.
calendar icon 5 July 2007
clock icon 2 minute read
At the Cochrane Street market in Central, the shortage has forced retail prices up almost 40 percent.

According to meat traders, only 3,300 pigs arrived in Hong Kong by truck Wednesday, amounting to about 70 percent of the city's daily consumption of 4,000 to 5,000 pigs.

Ng Fung Hong, the city's sole fresh pork supplier, delayed bidding at the Sheung Shui and Tsuen Wan slaughterhouses until 3pm Wednesday as the morning stock had been snapped up the day before.

A normal one-hour bid lasted just 15 minutes, with each buyer allocated 14 to 16 pigs.

Pork buyers outside the Sheung Shui slaughterhouse were furious at the shortage and the resulting surge in prices, which hit HK$1,200 for 100 kilograms, compared with about HK$900 per 100 kilograms normally.

Man Cheuk-pui, a spokesman for the Hong Kong Fresh Meat Alliance, said he feared prices could rise by up to 30 percent if the shortage persists.

Source: The Standard,
© 2000 - 2023 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.