South Korea: Crying over plummeting chicken prices; urgent need for countermeasures

Published Dec 12, 2024

Tridge summary

The South Korean poultry industry is facing challenges due to a significant decrease in prices, which has been attributed to sluggish consumption and large-scale imports. The Livestock Products Quality Evaluation Institute reported a year-on-year decrease in the livelihood distribution price by 27.9% in November, leading to a reduction in the number of chicks entering the market. This situation was exacerbated by government-promoted quota tariff imports, resulting in a decline in domestic production and an increase in imports. Stakeholders are calling for measures to stimulate consumption and stabilize the supply and demand, including the organization of a broiler supply and demand adjustment council.

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Original content

Policy proposal for supply and demand stabilization… Activities to stimulate consumption must continue [Livestock Newspaper Reporter Kim Soo-hyung] The domestic poultry industry is experiencing difficulties due to the plunge in prices, and countermeasures are being called for. According to the Livestock Products Quality Evaluation Institute, the livelihood distribution price (producing area price) in November this year was 1,136 won per kg, down 27.9% year-on-year and 13.2% year-on-year. This is because consumption was sluggish amid the high prices trend, and the government-promoted quota tariff imports continued until the first half of this year, resulting in a large import volume. As of November this year, the import volume of chicken was 171,806 tons, a significant decrease from 213,504 tons last year. However, this is a phenomenon that occurred because the import volume was so large last year, and it is similar to the import volume in 2022 (173,290 tons), which was the largest ...

Source: Chuksannews