December 28, 2004

South Korea Expects Poultry, Egg Prices To Remain Strong In 2005

As South Korea gets ready to usher in the new year, chicken and egg prices in the country are expected to remain strong.

Chicken is currently transacted at 1,300 won (US$1.25) to 1,500 won per kilogram at domestic farms, rising 30 percent to 50 percent from a year earlier.

Chicken sells for between 3,800 won and 3,950 won at Seoul's big discount stores, compared with 2,500 won a year ago.

Egg prices have also increased by 70 per cent this year.

According to the Korea Poultry Association, a drop in supply - which stemmed from the outbreak of bird flu between December 2003 and March this year - had contributed to the high prices.

"A tumble in supply has led to high egg and chicken prices," spokesman Kim Dong-jin said. "Prices are likely to stay high until June next year."