U.S. beef imports force South Korean meat prices to fall

by Editor fleischwirtschaft.com
Tuesday, November 13, 2007

In South Korea an overall fall of meat prices had been monitored in the third quarter.

It has been reported that this would be due to an influx of U.S. beef imports and a pending free-trade agreement between Washington and Seoul.

The National Statistical Office (NSO) indicated prices for imported beef from July to September fell 7.6% from the year-earlier period, marking the sharpest such decline in 12 years. NSO also reported that prices of premium hanwoo and meat from local cattle dipped 3.2% compared with the same three-month period last year, which constitutes the highest drop in South Korean meat in nine years.

South Korea now has suffered price decreases for beef in three consecutive quarters, with import prices dropping more rapidly than domestic meat, according to Yonhap.

NSO also indicated that the decrease in beef prices has prompted domestic pork prices to drop 7.3% in the third quarter. Experts noted that South Korean consumers prefer beef to pork.