The South Korean Beef Association, the government and the National Assembly should prepare special measures to stabilize the price of beef

Published 2022년 12월 6일

Tridge summary

The National Korean Beef Association is calling for government and National Assembly action to address the significant drop in Korean beef prices, which has resulted in a 28% decrease since the same period last year and the lowest prices since 2016. The association highlights the serious nature of this issue, given inflation and increased production costs, leading to significant financial strain for farms. The association believes that the government's import of tariff-free beef has contributed to this price crash and is urging for financial compensation to cover production costs and measures to reduce these costs and boost consumption. They suggest increasing the budget for these purposes and implementing various other strategies to stabilize prices and support the industry.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The National Korean Beef Association ordered the National Assembly and the government to actively prepare countermeasures to stabilize the crashing Korean beef price. At the end of last month, the Korean Beef Association released a statement titled, “The government and the National Assembly must come up with special measures to stabilize the price of Korean beef,” and demanded that the government and the National Assembly come up with countermeasures. As of the 24th of last month, the price of the 1st grade meridian of Korean beef geese plummeted to around 15,000 won, a 28% drop from the same period last year and the lowest price since 2016. The Korean Beef Association emphasized that considering the current inflation rate, the situation is more serious than the level in 2013 when the cattle price surge occurred, and the production cost has increased by more than 60% from then, and the damage to farmhouses is increasing. In fact, the production cost of Hanwoo farms is 10.7 million ...

Source: Aflnews