January 22, 2011

South Korean pork prices surge due to FMD

Prices of South Korean pork are surging amid the spread of the foot-and-mouth disease (FMD).

The Korea Agro-Fisheries Trade Corporation said that 500 grammes of medium quality pork belly meat, or "samgyeobsal," are selling at an average KRW9,355 (US$8.35) at conventional markets and retail stores nationwide.

The price is 10% higher than the KRW8,500 (US$7.59) in late November before the FMD outbreak, and 20% up from a year ago.

Wholesale pork prices also continue to rise with its average cost currently close to KRW6,200 (US$5.54) per kilogramme, which is 62% higher than the KRW3,800 (US$3.39) in late November.