Domestic pork price increased in the first 10 days of February 2019
According to the Ministry of Industry and Trade, in the first 10 days of February 2019, domestic pork price increased compared to the end of January 2019.
Vietnam livestock industry in 2019 is forecasted to have many positive changes. Particularly, the supply of pork products in 2019 provided by enterprises or processing farms, accounts for a higher proportion than in 2018. There are even enterprises in localities that supply 80-90%.
According to the Ministry of Industry and Trade, domestic price of pork in the first 10 days of February 2019 increased compared to the end of January 2019. Specifically, on 11/02/2019, in the Northern region, pork prices ranged from 47.000 to 50.000 VND/kg, an increase of 3.000 VND/kg compared to the end of January 2019. Pork prices in Central and Central Highlands were from 45.000 – 50.000 VND/kg, up by 2.000 VND/kg compared to the end of January 2019.
The price of porks that traders bought in key southern breeding areas was currently ranging from VND 48.000 to VND 53.000/kg, an increase of VND 3.000/kg compared to the end of January 2019. Compared to the same period in 2018, the price of pork was slightly higher from 25-30%, while the price of finished pork was 7-15% higher. Up to now, pork prices have increased by 6-12% compared to the end of 2018. This comes from the increasing market demand. In addition, due to the increasing demand for processing and consumption, the production costs of materials and varieties also increased significantly compared to last year.
The General Department of Statistics showed that raising buffaloes and cows in 01/2019 was not favorable due to the effects of cold weather. In contrast, pig and poultry production was generally stable, ensuring supply to meet consumption demand during the Lunar New Year. Estimated in 01/2019, the domestic buffalo herd decreased by 2.9% compared to the same period in 2018, while the herd of cattle increased by 2.8%; pig herd increased by 3.1%; poultry herd increased by 6.3%.
On the occasion of Tet holiday, the demand for meat is often increased by about 25%, in which the price increase of meat products, especially pork, affects consumer price index (CPI) so this is relatively one of the Government’s concerns.