Animal feed sellers rise prices amid weakening new Taiwan dollar

Animal feed sellers rise prices amid weakening new Taiwan dollar

2022-11-01

With the new Taiwan dollar continuing on its downward trend, the price of many imports is going up. In particular, several animal feed dealers have announced a price increase of NT$0.5 per kilogram starting Tuesday. That’s expected to send ripples down to poultry and egg prices, which could rise in the near future.

At the wholesale market, everyone is working nonstop. Unlike in previous years, prices haven’t fallen back since the Mid-Autumn Festival.

Pork butcher
Since the Mid-Autumn Festival prices have been getting more and more expensive, hitting new highs. One kilogram goes for NT$80 or NT$90.

Member of public
The price has gone up by several thousand NT every month. Vegetables are also more expensive.

Sellers and buyers alike complain about the prices. Over the past two months, the wholesale price for pork has gone up, from NT$82.63 per kilogram on Sept. 1 to NT$88.37 on Oct. 31. That’s 6.9% more expensive. In retail, 600 grams of pork belly or pork shoulder now cost NT$180. In contrast, chicken prices have gone down, from NT$120 for 600 grams to NT$105, a drop of 12%. With the new Taiwan dollar continuing on its depreciation against the U.S. dollar to more than NT$32 to the U.S. unit, some animal feed companies decided to raise their rates on Nov. 1 by NT$0.5 per kilogram. The gradual rise in costs has left some sellers worried.

Mr. Yang
Poultry seller
Many restaurants have started placing large orders, which lowered the price somewhat. But now, if the costs rise, I think they’ll have to come and negotiate again.

The price of eggs could also go up in the near future. Currently, prices stand at between NT$45 and NT$50 per 600 grams, down NT$2 from Oct. 1. But with feed rates up, prices could soon bounce back.

Chen Chiu-chih
Egg farmer
It’s having a huge impact. It means we have to spend NT$150,000 more every month.

Chiang Wen-chuan
Council of Agriculture
Businesses in the industry could purchase stocks earlier to have a basic amount in reserves. Foreign geopolitical factors and the depreciation of our currency are resulting in a higher risk.

The Council of Agriculture says it has launched response measures, while reminding farmers that it’s better to stock up on reserves sooner than later, in case the NT continues on its downward slope.