Korean domestic pork ribs price rises

The price of domestic pork boned ribs in Korea has exceeded that of Los Angeles galbi beef ribs imported from the US, discount retail chains said.

The price of boned ribs sold at the discount chain E-Mart nationwide was KRW2,260 per 100 grams, 14.1-percent higher than that of beef ribs, which went for KRW1,980.

According to Korea Agro-Fisheries Trade Corporation, the price of boned ribs per 500 grams increased from KRW8,503 in February to KRW9,041 last month and to KRW10,078 this month, because boned rib imports have dropped as much as 30 percent due to the Korean currency appreciation.

The retail industry predicts the price of boned ribs will continue rising since pork demand has soared relative to Korean beef amid the economic recession.

An E-Mart source said that demand for boned ribs has declined due to inflation but demand will rise again next month, when the spring picnic season will begin, in which will rise prices again.

US$1 = KRW1,348 (Apr 22)