Imported pork prices soar in South Korea due to supply difficulties

Published 2021년 3월 10일

Tridge summary

The article highlights a concerning trend in the Korean pork market, with prices for imported frozen pork belly soaring to record highs due to a combination of factors, including African swine fever outbreaks in Europe, reduced factory utilization rates because of COVID-19, and logistics issues such as container shortages in the United States. As a result, the wholesale price of German pork belly has seen a significant increase of 45% from the latter half of the previous year, reaching around 8,000 won per kilogram. Similarly, U.S. pork prices have risen by 20-25% to 3,000 won per kilogram. These increases are expected to drive the price of pork belly to 10,000 won per kilogram for the first time, impacting the domestic market and leading to a decrease in pork imports by over 20%. This situation is regarded as an opportunity for domestic pork to improve its price competitiveness and reclaim market share, particularly in the HMR (home meals) and franchise galbi restaurants sectors.

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Original content

[Livestock Newspaper Reporter Kim Young-gil] It seems that it will rise further in the future... The forecast of 10,000 won per kilogram for the first time in the history of frozen pork belly does not lead to domestic good news… The price of pork imported from Samya, such as the HMR market, is soaring. According to the livestock import industry, the wholesale price of German frozen pork belly distributed in Korea is around 8,000 won per kg as of the end of February. Compared to the latter half of the 5,000 won a year ago, it rose by 45%. The wholesale price of wooden cells in the U.S. is also formed at the end of the 3,000 won range, up 20-25% from a year ago. The rise in imported pork prices does not remain in specific countries and specific items. . Overall, it is all up. It is largely due to the poor supply situation. In the case of German pork, imports have been blocked since September last year due to the outbreak of African swine fever (ASF). Many meat factories in Europe ...

Source: Chuksannews