August 2, 2011

 

South Korea's pork prices fall on EU FTA

 

 

The recent decrease in South Korea's pork prices is associated with the free trade agreement (FTA) with the EU, as the rise in imported pork shores up total supply.

 

According to the Korea Agro-Fisheries Trade Corporation (aT) on Monday (Aug 1), average pork belly prices fell KRW2,008 (US$1.92) last Friday to KRW10,467 (US$10) per 500 grams, down from the previous month's KRW12,475 (US$11.92).

 

Pork prices have been on a surge, topping KRW12,644 (US$12.08) as of June 27, but have been falling ever since to approach the KRW10,000 (US$9.55) levels seen in May.

 

Pork imports grew 215% from last year according to the Korea Customs Service on Monday. Pork prices fell roughly 20% from KRW3,612 (US$3.45) per kilogram before the FTA to KRW2,894 (US$2.76) per kg.