July 5, 2004

Korean Pork Prices Soar to Record High

Pig prices at Korean production sites have continued rising to set a new high.

The national average for the price of a 100-kilogram pig hit a record high of 252,000 won as of May, up 7 percent from 234,000 won in April and 33 percent from 189,000 won a year ago, the Korea Swine Association said Sunday.

In accordance with the price rise, the wholesale prices of pork rose to 3,828 won per kilogram in May, also marking a record high.

The soaring prices are attributable to increased demand resulting from mad cow disease and the reduction in supply due to the post-weaning multisystemic wasting syndrome, the association said.

The number of swine traded in the 13 wholesale markets across the nation plunged to 3,529 pigs a day in mid-June, representing a drop of 27 percent from the corresponding period last year.