Imported pork prices dip to record low over low demand
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Import pork prices have fallen to a record low at half their domestic equivalents due to modest demand at restaurants and hotels.
Import pork prices have fallen by 36-40% year-on-year with ribs costing around VND88,000 ($3.76) per kilogram, half the domestic figure.
Hanh, a pork seller in Ho Chi Minh City’s District 12, said that there has been weak demand for imported pork since the beginning of the year.
“We sell imported pork mostly to restaurants, but consumption has been falling there, causing prices to drop.”
Hanh has lowered her import by 30% year-on-year.
Thanh, a seller in Go Vap District, stopped selling imported pork from Russia two weeks ago.
“Only a few customers come by each day, and I was recording losses. I decided to stop selling it.”
Tran Hoan, a media representative for a pork importer in HCMC, said that restaurants and hotels are the biggest buyers of this product, but they have not been buying because consumption is week.
In the first six months, pork imports fell 48.7% in value to $96 million, according to Vietnam Customs.
Brazil accounted for 35.1% of the value, followed by Russia, 25.7%, and Germany, 16.6%.
An average kilogram of imported pork is priced at VND50,000-60,000, compared to domestic fresh pork prices of VND100,000-170,000.
Questions & Answers
Q.What is the primary reason imported pork prices have fallen to a record low?
What is the primary reason imported pork prices have fallen to a record low?
Imported pork prices have dipped significantly because of weak demand from restaurants and hotels. These businesses are major buyers, but their consumption has been falling since the beginning of the year.
Q.How much have imported pork prices fallen year-on-year, and how does this compare to domestic prices?
How much have imported pork prices fallen year-on-year, and how does this compare to domestic prices?
Imported pork prices have decreased by 36-40% year-on-year. A kilogram of imported ribs, for example, is around VND88,000, which is half the cost of domestic equivalents.
Q.Which countries are the largest suppliers of imported pork, based on the value of imports?
Which countries are the largest suppliers of imported pork, based on the value of imports?
In terms of import value, Brazil accounts for the largest share at 35.1%. Russia is the second-largest supplier at 25.7%, followed by Germany at 16.6%.
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