Serious decline in South Korean beef prices, all-out efforts to prepare countermeasures

Published 2023년 1월 31일

Tridge summary

The article highlights the current crisis facing the Korean beef industry, with prices hitting a five-year low of 13,490 won per kg. This situation has been worsened by reduced consumption due to foot-and-mouth disease and a surge in imports, leading to a decrease in farm income and potential farm closures. The current crisis is attributed to factors such as the Russia-Ukraine conflict, interest rate hikes, and inflation. In response, producer organizations have called for government support, including measures to expand roughage production, increase group supply volumes, and implement a consumer price indexation system. They also stress the importance of farmers' autonomous control of supply and demand. The article underscores the need for both government policies and public-private cooperation to address the crisis and stabilize the industry.

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

Original content

The price of Korean beef is plummeting day by day. On the 19th of last month, the day before the holiday, the national average wholesale price of Korean beef plummeted to 13,490 won per kg. This is the lowest price in the last 5 years. After the holiday, Korean beef prices are showing a slight recovery, but it is generally observed that it is not enough to reverse the decline in Korean beef prices. As Korean beef prices plummeted, a Korean beef farmhouse in Yecheon, North Gyeongsang Province, which was under financial pressure, recently made an extreme choice, and the wave is spreading. The industry is concerned that this crash could lead to a second wave of Korean beef. The Korean beef crisis that gripped farms in 2011 was caused by a decrease in Korean beef consumption due to foot-and-mouth disease issues amid an increase in the number of slaughtered animals and a rapid increase in imports. Decreased consumption led to a drop in prices, which in the aftermath led to farmers ...

Source: Aflnews