Meat imports force fall in domestic pork price
SOUTH KOREA - The rise in imports of livestock products has resulted in a sharp decrease in the price of domestic pork meat.
1 August 2007
2 minute read
According to Jeju Island and the Jeju Agricultural Cooperative Federation, or Jeju Nonghyup, about 156,000 tons of pork were imported from the United States, Chile, Canada and France from January to July, a 38 percent increase from 113,000 tons last year.
The imports of beef amounted to nearly 104,700 tons, up 10 per cent compared to almost 88,200 tons during the same period last year.
As imports of livestock products have increased, the prices of domestic pork have dropped. The price of 100kg of pork produced on Jeju Island was 255,000 won (US$277), down 16 per cent from 303,000 won (US$329) last year. The nationwide average was 237,000 won, a 12 per cent decline from 269,000 won in 2006.
The official price of pork produced on Jeju Island was 3,744 won per 1 kilogram on average in June, but on June 26, when domestic markets began to sell U.S. beef, the figure dropped to 2,926 won and again to 2,794 won on the next day. The figure has continued to stay below 3,000 won.
