May 8, 2008

Local beef, pork sales increase in South Korea
 

Sales of local beef and high-quality pork have increased in South Korea amid the mad cow disease scare brought about by the reopening of the market to US beef imports.

Department stores have been marketing premium Korean beef, resulting in a more than 10 percent average growth in local beef sales, while purchases of imported beef, including those from Australia, declined.

During the period between April 19 and May 5, Hyundai Department store's sales of 1++ grade premium local beef grew by 16 percent year-on-year. The store's overall sales of local  beef increased by more than 20 percent as the price of local beef fell by 5 to 10 percent in this period.

High-end local beef sold in Shinsegae Department Store recorded a sales growth of 30 percent during the period April 28 to May 3 compared with the week prior.

Sales of pork have increased as well.

A survey by GS Retail of 13 GS Mart outlets and 92 GS Supermarkets nationwide from April 19 to May 3 found a 19.5 percent increase in pork sales year-on-year.