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Imported Beef Prices Fall 7.6%

SOUTH KOREA - Prices of imported beef have been falling drastically this year since the conclusion of a free trade agreement (FTA) between South Korea and the United States and the resumption of imports from America, government statistics showed Tuesday.

According to the latest report by the National Statistical Office (NSO), prices of imported beef have fallen 7.6 percent in the third quarter of the year compared with the same period last year, the sharpest decline since late 1995.

Prices of homebred beef also dropped by 3.2 percent from the same three-month period last year, posting the most drastic decline since the last quarter of 1998.

"This could be called the latest trend as prices of both domestic and imported beef have been falling for three consecutive quarters,’’ the statistics office said in the report.

In the meantime, prices of pork have also dropped drastically, affected by the falling beef prices. One of the three major items in the meat market, pork is in competition with domestic and imported beef.

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Source: Korea Times

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