[Asia Economy Reporter Park Byung-hee] Bloomberg reported on the 7th (local time) that U.S. pork futures prices have soared to their highest level since 2014.
This is because demand for pork in the U.S. is increasing as American restaurants reopen, and export volumes are also expected to rise significantly.
The National Pork Producers Council (NPPC) issued a statement on the same day, stating that the Philippine government is expected to significantly reduce import tariffs on pork.
The Philippines is one of the countries where U.S. pork imports have recently increased substantially. African swine fever recently occurred in the Philippines. The Philippine government suppressed price increases through a price ceiling system for two months but then abolished the price ceiling. Instead, it is expected to increase imports to boost supply.
Pork futures prices, which fell below 50 cents per pound in the first half of last year, rose to a high of 108 cents per pound on this day. This is the highest level since July 2014. Pork futures are one of the commodities that have seen a significant price increase this year, with a rise of over 50%.
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