January 14, 2011

Imported beef price hikes in South Korea

The amount and price of South Korea's beef imports surged last month as local livestock growers were badly hit by foot-and-mouth disease outbreaks.

Korea imported around 7,606 tonnes of frozen beef ribs in December, up 24.9% from the previous month and 26.8% more than a year earlier, the Korea Customs Service said. Beef import prices jumped 10.1% from a month earlier and 49.5% from a year earlier.

The price of pork belly, one of the most popular cuts in Korea, rose 2.8% in December from November, though imports declined 16.2% over the same period.

The hikes in prices and quantity of imported meats come as Korea's livestock industry continues its battle against foot-and-mouth disease, which affects cloven-hoofed animals such as cattle and pigs.