August 5, 2011

Europe's pork belly price decreases following FTA pact

After South Korea and the EU signed the FTA pact, the retail price of pork belly shipped from Europe decreased by up to 47% over the past month, according to government data in Seoul.

The average price of frozen pork belly produced in Europe fell to KRW800 (US$0.75) per 100 grammes in July from KRW1,180 (US$1.11) in June. That amounts to almost 40% of the price of corresponding domestic products.

Following the price decline of European products, domestic pork belly is also expected to go stable in the market from August, the ministry said.