March 9, 2004

Korean Government To Buy 6.9 Million Birds To Stabilize Prices

The Korean government will buy a total of 6,500,000 chickens and 400,000 ducks for 11.3 billion won to prevent a price drop in the market after the spread of bird flu nationwide, the Ministry of Agriculture and Forestry announced on Sunday.

The budget increased 2.7 times from an initial 4.1 billion won.

Subcontracted suppliers to chicken and duck processing factories will be excluded from the procurement, leaving more room for independent poultry farms, which are more vulnerable to a price drop.