S. Korea's beef, pork prices highest among leading economies: report

by 5m Editor
22 January 2007, at 11:27am

SOUTH KOREA - High land prices and an inability to reach economy of scale have made South Korean beef and pork the most expensive among leading world economies, a report by an international organization said Monday.

The International Labor Organization (ILO) said that as of October 2005, the average price of a kilogram of beef in South Korea was US$56.44, six times more expensive than in the United States ($8.94) and five times more expensive than in Britain and Italy.

The ILO survey of 13 countries also showed the price of Korean beef was roughly $15 more expensive than in Japan, which has a high cost of living. The report examined prices in 11 Organization for Economic Cooperation and Development nations and two other large economies.

It said beef prices in Mexico were one-seventh of South Korea's and the cheapest among the markets surveyed.

The report showed South Korea's pork prices were usually 2.5 to three times more expensive than in Britain and Brazil. A kilogram of boneless pork cost $14.12 in South Korea in late 2005, compared to $5.56 in Britain and $4.94 in Brazil.

Source: Yonhap

5m Editor