South Korea: Next year's pork prices are expected to be lower than production cost

Published 2022년 12월 19일

Tridge summary

The Pork Savings Management Committee in South Korea predicts that pork prices will be lower than the cost of production in 2023, leading to potential losses for pig farming households. The average pork price is expected to decrease to 5,180 won per kg from 5,212 won this year, due to decreased consumption and increased inventory. The Korea Pork Fund Management Committee is preparing countermeasures, including large-scale sales promotion and supply and demand stabilization projects. These measures include monitoring pork supply and demand, expanding the use of domestic raw meat, and providing support to meat stores to promote consumption expansion in case of a significant price drop.

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

Original content

1kg 5180 won… below the cost of production A small amount of money, struggling to prepare countermeasures Pork prices are expected to be lower than production costs next year, so the Pork Savings Management Committee (chaired by Son Se-hee) has begun to prepare countermeasures. The Korea Pork Fund Management Committee predicted that the average pork price (based on 1 kg) in 2023 would be 5,180 won, a slight decrease from this year's price (5,212 won). This is a value derived based on the forecast of the Korea Rural Economic Institute (4,900 to 5,100 won) and the price suggested by the Jeong P&C Research Institute (5,354 won). This is because consumption is expected to decrease due to the economic recession and inventory will increase. Pig farming households are likely to receive settlements at prices lower than production costs, so losses are predicted. According to a survey conducted by the Korean Pork Association, the average pork production cost for pig farms is estimated ...

Source: Nongmin