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Price of Domestic Pork Boned Ribs Rises
SOUTH KOREA - The price of domestic pork boned ribs has exceeded that of Los Angeles galbi beef ribs imported from the United States, discount retail chains said yesterday.The price of boned ribs sold at the discount chain E-Mart nationwide was 2,260 won (1.67 US dollars) per 100 grams, 14.1 percent higher than that of bone LA ribs, which went for 1,980 won (1.47 dollars).
The price of boned ribs was 2,180 won (1.62 dollars), 10.1 per cent higher than that of LA ribs, at Lotte Mart. The price of chuck eye roll, the cheapest cut in beef, were 1,380 won (1.02 dollars) per 100 grams, half the price of pork boned ribs.
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According to the Agro-Fisheries Trade Corp., the price of boned ribs per 500 grams increased from 8,503 won (6.30 dollars) in February to 9,041 won (6.70 dollars) last month and to 10,078 won (7.47 dollars) this month. This is because boned rib imports have dropped as much as 30 per cent due to the won’s appreciation.
According to The Dong-A Ilbo, the retail industry predicts the price of boned ribs will continue rising since pork demand has soared relative to Korean beef amid the economic recession.
An E-Mart source said, “Demand for boned ribs has declined due to inflation but demand will rise again next month, when the spring picnic season will begin, and this will raise prices.”
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