Each kilogram of spare ribs at the market costs 180,000 VND, pork belly 150,000 VND, an increase of 30% compared to the beginning of the year and the highest level in the past 4 years.
Ms. Hanh (Go Vap) said that two months ago, baby back ribs cost 120,000-140,000 VND per kg, now it has increased to 180,000 VND. This price is as high as the peak of 2020.
Note of VnExpress Prices of pork in traditional markets also show that pork prices are high. Pork belly fluctuates between 140,000 and 160,000 VND per kilogram, and spare ribs from 150,000 to 180,000 VND, up 20-30% compared to the beginning of the year and 10% compared to the same period last year. Pork legs, lean meat, rump and shoulder also increased by 20,000 VND compared to three months ago and about 10,000 VND compared to the same period in 2023.
Ms. Loan, a trader at Pham Van Hai market (Tan Binh), said that the high price of pork has caused a sharp decrease in purchasing power. For the past two weeks, instead of importing a whole pig, she has only imported about two-thirds or half of a pig.
Ms. Hong, a pork vendor on Pham Van Chieu Street (Go Vap), said that the price of this item has increased continuously for three weeks now, returning to its peak four years ago.
Pork prices increased mainly due to a sharp increase in carcass prices. According to the latest report from Hoc Mon wholesale market, the price of live pigs on July 8 at Vietnam Joint Stock Company's market was 67,000 VND per kg for grade 1 goods and 65,000 VND per kg for grade 2 goods.
In some places, the price of live pigs has even risen to 70,000 VND per kilogram. Along with the increase in the price of live pigs, the price of butchered pork has also increased, reaching 140,000 VND per kilogram for spare ribs and 115,000 VND for pork belly.
The wholesale market leader said that due to the decrease in supply, the price of live pigs increased. This year, the price of live pigs increased contrary to the law of consumption, continuously climbing in the summer.
Mr. Thanh, a pork distributor at the wholesale market, said that throughout 2023, the price of pork was too low, causing farmers to lose money and reduce the quantity, leading to a sharp decrease in the current output. Last year, the price of pork was only 48,000-52,000 VND per kg, causing farmers to lose 5,000 VND per kg. For each pig sold, farmers had to suffer a loss of 5-10 million VND, many households raising thousands of pigs would lose billions of VND, with no capital left to restore the herd.
Not only farmers, but also large livestock enterprises are forced to reduce their herds to avoid losses. Currently, although they have increased their herd restoration, the supply to the market is still not as much as last year.
Mr. Nguyen Tri Cong, Chairman of Dong Nai Livestock Association, said that a preliminary survey of small-scale livestock households and large enterprises showed that they had reduced their herds by 30-40%, in some places by up to 70%.
However, the Ministry of Agriculture and Rural Development forecasts that pork supply will increase again in the coming time. However, due to the complicated epidemic situation, pork prices may remain high and only decrease again in 2025.
Ms. Hong, a merchant on Pham Van Chieu Street, also acknowledged that in a few months when students return to school, demand will increase and prices will continue to rise.
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