Wholesale Pork Prices Slashed by 23 Per Cent

HONG KONG - The SAR's biggest importer of fresh meat has slashed the wholesale price of pork by 23 per cent - but consumers will have to wait for a few more days to find out if they will benefit.
calendar icon 1 November 2011
clock icon 3 minute read

Ng Fung Hong said it was slashing its price to local retailers from a peak of HK$1,789 per 100 catties in June to HK$1,381.

The importer said the pork supply mainly comes from the mainland so local prices are normally affected by what happens across the border.

Ng Fung Hong also said it is setting up pig-breeding farms in the mainland to stabilize pork prices and ensure a steady supply. The site at Henan has already been approved and construction will begin shortly.

Lau Sih-kau, a retailer at Dairy Fresh Meat Company, said he will consider reducing the price of pork once he is sure that the wholesale price will not rise again. "It is true the [wholesale] price has gone down, but will it go up again? We will need to see if the price will change again."

He said the wholesale pork price had gone up by 40 percent over the past few months but he raised his price by 20 percent so as not to deter customers.

Hong Kong Pork Traders General Association chairman Hui Wai-kin said the retail price could drop by HK$2 to HK$3 a catty if the wholesale price remains steady at the new rate. Retailers are now selling a catty of pork for around HK$44, he added.

However, some retailers say they will not reduce their prices, according to The Standard.

"We will not reduce the price. We have shouldered the price hike [in the past], so we will not drop our pork prices with such a small [wholesale] price dip," a retailer surnamed Wong said.

A man surnamed Chan said a price drop means he will be able to buy pork for his family three times instead of twice a week.

A woman, surnamed Yu, said she too will buy more pork for her three children and husband.

It was reported earlier that about 4,200 live pigs are imported to Hong Kong every day.

Ng Fung Hong is one of the three importers.

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