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PHL frozen pork inventory jumps 8%, hits 11-month high of 49,849.76 MT

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The country’s frozen pork inventory as of June 7 rose by nearly 8 percent to 49,849.76 metric tons (MT), the highest weekly inventory recorded in almost 11 months, National Meat Inspection Service (NMIS) data showed.

Latest NMIS data showed that the nationwide frozen pork inventory in accredited cold storages was 3,683.26 MT higher than the 46,166.5 MT recorded inventory on June 8, 2020.

Furthermore, the latest pork inventory level was 16.74 percent higher than the 42,699.68 MT recorded in the last week of May, based on the same set of data.

On a monthly basis, the June 7 frozen pork inventory was 39.83 percent higher than the 35,649.97 MT recorded on May 10, data further showed.

Historical NMIS data showed that the June 7 frozen pork inventory was the highest since the 51,960.81 MT recorded on July 13, 2020.

NMIS data showed that 96 percent of the frozen inventory as of June 7, or about 47,924.02 MT, were imported while the remaining volume of 1,925.74 MT were locally produced.

Imported frozen pork inventory during the reference period was 22.57 percent higher than last year’s 39,097.99 MT and was 45.16 percent over the 33,013.43 MT recorded in the same week of May, NMIS data showed.

NMIS data showed that the highest frozen imported pork inventory was recorded in Region 3 at 18,737.26 MT followed by Region 4A at 10,812.29 MT. NCR was third in terms of frozen imported pork inventory as of June 7 at 10,673.09 MT.

The NMIS noted that its frozen pork inventory data covers pork carcass, primal parts and specialty cuts.

The Philippine government is banking on imported pork to augment the shortage in domestic supply and to arrest rising pork retail prices.

The Executive has implemented a twin measure that seeks to achieve this short-term solution: lowering pork tariffs to as low as 10 percent and hiking minimum access volume (MAV) for pork imports.

The BusinessMirror earlier reported that the country’s imports of pork bellies and cuts are on-track to reach  a record-high after January-to-May volume surged by nearly 330 percent to 98,369.608 MT, surpassing total purchase last year.

Industry players attributed the increase to the need to plug the shortfall in domestic supply that raised pork retail prices to unprecedented levels. They also noted that the lowered pork tariffs contributed to the quadrupling of imports of prime cuts of pork. (Related story: https://businessmirror.com.ph/2021/06/10/philippine-pork-imports-may-reach-record-high-this-year-bai-data/).

Read full article on BusinessMirror

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