March 16, 2007

South Korean beef prices highest among 29 countries
 

Beef prices in South Korea are the highest among 29 countries due to a lack of diverse import routes and high taxes, a private consumer group said yesterday (March 15).

The price per kilogramme stood at 55,800 won (US$59) for domestic beef and 54,500 won (US$57.58) for imported products, according to an international survey conducted by Consumers Korea and consumer organizations in 28 other countries.

Russia came second, with the price of imported beef reaching the equivalent of 50,318 won (US$53) per kilogramme, followed by the United Arab Emirates with 24,646 won (US$26.03) and Vietnam with 22,823 won (US$24.11). Japan's average beef import price stood at 21,023 won (US$22.21).

Organization chairman Kim Jae-ok said Australian beef is "nearly twice as expensive as it is in Japan" due to lack of diversity in import routes and high tariffs.

In January, the International Labour Organization (ILO) said that as of October 2005, the average price of a kilogram of beef in South Korea was US$56.44, six times more expensive than in the United States (US$8.94) and five times more expensive than in Britain and Italy.

The ILO survey of 13 countries also showed the price of Korean beef was roughly US$15 more expensive than that of Japan.

The report examined prices in 11 members of the Organization for Economic Cooperation and Development and two other large economies.