TAIPEI (TVBS News) — The Taipei Egg Traders Association (台北市蛋商公會) announced on Tuesday (June 11) a significant price drop in eggs, marking the fifth reduction in less than two months due to a sluggish consumer market.
Starting immediately, the farm gate price of eggs has been lowered by NT$3, from NT$30.5 to NT$27.5 per catty, reaching a three-year low. Wholesale prices will also decrease from NT$40 to NT$37 per catty starting Thursday (June 13), falling below the NT$40 mark.
Despite previous attempts to revive the market with four price reductions, demand has not improved. Lin Tien-lai (林天來), the chairman of the Taipei Egg Traders Association, attributed the lack of consumer interest to the recent Dragon Boat Festival holiday, which led to an oversupply of eggs.
Lin urged the entire supply chain, including producers and feed manufacturers, to lower prices to alleviate the cost burden on egg farmers.
He also called for retailers and the catering industry to reduce their prices, allowing consumers to experience the benefits of these cuts.
According to the latest data from the Ministry of Agriculture, Taiwan currently has approximately 35.69 million laying hens, producing around 121,700 boxes of eggs daily, surpassing the domestic demand of 120,000 boxes.
An internal report from the Taiwan Chicken Egg Industry Production and Sales Supervision Committee (台灣蛋雞事業產銷督導委員會) revealed that while egg production in Taiwan is sufficient, sales are slightly weak.
The committee warned that without accelerating egg production reduction efforts, the industry might face significant losses.
This price reduction initiative aims to stimulate demand and prevent further financial losses for egg farmers, highlighting the challenges of balancing production with consumer demand.