January 31, 2024

 

South Korean pork board urges for more government support as pork prices dip

 

 

The South Korean government should expand support for the country's pig farms as falling pork prices and rising production costs are weighing down on farmers amid a downturn, the Korea Pork Board (KPB) said in late January.

 

The KPB is a private organisation that supports local pig farms through education, research and promotional activities using a fund collected from pig farmers nationwide.

 

KPB president Son Sei-hee said that the government must provide financial support for the maintenance of farms, such as purchasing feed, improving farm facilities, disposing of pig excrement and paying electricity and other utility bills.

 

The farms are struggling with rising costs due to South Korea's high interest rate and rising market prices.

 

Sluggish sales of pork nationwide are another problem, Son said. To boost sales, he said the government must take stricter measures to monitor the origin of pork being sold at stores and label more clearly which pork products come from local farms.

 

Son added that the board plans to work with local large-scale supermarkets and other retail outlets to launch sales events with discount up to 50% to boost sales.

 

To further spur the consumption of pork in South Korea, he said that KPB will promote pork to canteen food providers and create public campaigns that will target sports events and national holidays.

 

"Despite the fact that almost half of meat consumption in the country comes from pork, pig farms are now facing setbacks because of the drop in the value of pork, rising feed prices and production costs, and sluggish consumption," Son said. "Pork is a pillar of the country's food security. We desperately need countermeasures from the government."

 

Consumption of pork has stuttered largely due to the increase in market prices, which has induced people to avoid going out to restaurants. It led to a rise in the price of pork and then a fall in its value.

 

Meanwhile, farms with the lowest revenue, those in the bottom 30 percent, last year logged business losses of ₩144 million (US$108,000) on average. These farms are expected to see up to ₩31 million (US$23,000) worth of losses in January alone.

- The Korea Times