Minister of Agriculture and Food in South Korea: Stabilize beef prices by reducing 140,000 cows by next year

Published Feb 20, 2023

Tridge summary

South Korea's Minister of Agriculture, Food and Rural Affairs, Jeong Hwang-geun, has announced plans to reduce the country's cow herd by 140,000 by 2024 to address an oversupply that has led to a decrease in beef wholesale prices. In an effort to boost consumption, the minister also outlined plans for nationwide discount events and initiatives to promote competition in the distribution channel. The ministry is also implementing measures to combat livestock diseases like highly pathogenic avian influenza and African swine fever, and is providing support for damage caused by recent cold waves.

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Original content

(Seoul = Yonhap News) Correspondent Minji Cha = Minister of Agriculture, Food and Rural Affairs Jeong Hwang-geun announced on the 20th that he would reduce the number of cows by 140,000 by 2024 to resolve the oversupply in relation to the recent drop in Korean beef wholesale prices. At a plenary meeting of the National Assembly's Agriculture, Livestock, Food, Marine, and Fisheries Committee on the same day, Minister Jeong said, "In the corona situation, the number of Korean cattle raised abnormally increased, resulting in an oversupply." there is," he said. In addition to reducing cows, Minister Chung announced plans to hold nationwide simultaneous discount events of up to 50% at Nonghyup and major hypermarkets throughout the year to recover Korean beef consumption. Farmers' cattle breeding increased, consumption decreased, and wholesale prices fell more than 20% from a year ago. However, since distribution costs were reflected in the retail price of Korean beef, the extent of the ...

Source: Yna