Shoppers Choosing U.S. Beef Over Korean Pork

US - U.S. beef has been eating into Korea's pork market. Lotte Mart, which was the first to resume selling U.S. beef in Korea, released statistics on meat sales on Tuesday.
calendar icon 25 July 2007
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According to that information, during the week of July 13 to 22, sales of Korean beef remained unchanged from the same period a year ago, despite the re-introduction of U.S. beef. However, sales of Korean pork decreased ten percent.

Lotte Mart said it believes that since U.S. beef prices are equal to or even lower than Korean pork prices, would-be pork eaters are turning to the American meat.

The price of U.S. chilled chuck eye-roll at Lotte Mart is W1,280 per 100g, which is cheaper than the same amount of local fresh bacon at W1,680.

Forty-five tons of Korean beef were sold last week, about the same amount sold during the same week last year, and its price has remained close to what it was before U.S. beef came back, Lotte Mart said.

However, the distribution industry predicts that as U.S. beef takes off, sales of Korean pork and beef and Australian beef will take a hit, as will their prices.

Meanwhile, Shinsegae's E-Mart said it hasn't felt the impact on pork yet.

Source: The Chosun Ilbo
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