After tax exemption, imported beef prices in South Korea rise, domestic prices fall
Frozen Bone-In Beef
South Korea
Published Aug 5, 2022
Tridge summary
After the tariff-free measures on livestock products, the consumer price of foreign beef has risen and the price of domestic Korean beef has fallen, resulting in growing opposition from farmers. From the 20th of last month, the government implemented a price policy with the aim of applying 0% quota tariffs on livestock products such as beef. The U.S.-Australian beef had a tariff of 10 to 16 percent, but the idea of the Ministry of Strategy and Finance was to reduce the retail price by 5 to 8 percent by applying it temporarily until the end of the year.
Original content
After the tariff-free measures on livestock products, the consumer price of foreign beef has risen, and the price of domestic Korean beef meat has fallen, resulting in growing opposition from farmers. From the 20th of last month, the government implemented a price policy with the aim of applying 0% quota tariffs on livestock products such as beef. The U.S.-Australian beef had a tariff of 10 to 16 percent, but the idea of the Ministry of Strategy and Finance was to reduce the retail price by 5 to 8 percent by temporarily applying this tariff until the end of the year. It has been two weeks since the tariff-free measures were applied, but contrary to the government's expectations, the price of foreign beef has risen again. According to the Livestock Products Quality Assessment Service, the consumer price (based on 100g) of American and Australian ribs as of the 2nd was 4304 won and 4401 won, respectively. Compared to the prices on the 19th of last month (4,208 won in the US ...
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