Rising pork demand drives US hog prices to highest levels since 2014
PORK, one of this year's best-performing commodities, are fetching the highest US prices since 2014 as pricing changes in the Philippines lifts demand, reports Bloomberg
13 April 2021 - 19:00
The Philippines ended a two-month ceiling on pork prices and the US industry is already anticipating reduced tariff rates on imports of the meat. The measures come as the Southeast Asian nation battles an outbreak of the deadly African swine flu, which has also had resurgence in top pork-producing China.
The Philippines is one of the fastest-growing markets for US pork, while China has become the world's biggest importer since the outbreak of swine disease in 2018. Demand for the meat is rising as businesses reopen in the US, a turnabout from last year's diminished demand when restaurants closed in the early days of the Covid crisis.
'You have a rebound in demand, not just in Asia but here in the US and, right now, the supply is not keeping up with it,' said Steiner Consulting Group analyst Altin Kalo in Manchester, New Hampshire.
Said US Meat Export Federation spokesman Joe Schuele: 'With global pork supplies remaining limited this year, these reductions in import duties will help improve availability in the Philippines and provide further momentum for US exports.'
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