By Ryu Jin
Staff Reporter
Prices of imported beef have been falling drastically this year since the conclusion of a free trade agreement (FTA) between South Korea and the United States and the resumption of imports from America, government statistics showed Tuesday.
According to the latest report by the National Statistical Office (NSO), prices of imported beef have fallen 7.6 percent in the third quarter of the year compared with the same period last year, the sharpest decline since late 1995.
Prices of homebred beef also dropped by 3.2 percent from the same three-month period last year, posting the most drastic decline since the last quarter of 1998.
``This could be called the latest trend as prices of both domestic and imported beef have been falling for three consecutive quarters,’’ the statistics office said in the report.
In the meantime, prices of pork have also dropped drastically, affected by the falling beef prices. One of the three major items in the meat market, pork is in competition with domestic and imported beef.
Pork prices fell 7.3 percent in the July-Sept. period from a year ago, also the sharpest decline since the second quarter of 1996.
Such trends in meat prices were also found in the latest research of actual market prices by the Korea Agro-Fisheries Trade Corporation (aT).
According to the aT’s Korea Agricultural Marketing Information Service, hanwoo (homebred beef) for bulgogi sold for 17,843 won ($19.65) per 500 grams in October on average, down 15.6 percent from 21,138 won one year ago.
As for Australian beef, the average price of sirloin fell from 21,606 won to 20,958 won (3 percent); ribs, from 12,968 won to 10,308 won (20.5 percent); and meat for bulgogi, from 10,171 won to 8,450 won (16.9 percent) in the past year.
Pork for samgyeopsal, or Korean-style bacon, which sold at an average price of 7,595 won per 500 grams at local butcheries in October last year, also fell 5.42 percent to 7,183 won.
``We think that the expansion of U.S. beef imports and the recent influx of other imported beef, and homebred beef have triggered the general decline in prices of meat products in recent months,’’ an NSO official said.
South Korea shut its doors to American beef in late 2003 after mad cow disease was found in cattle in the U.S. It partially reopened its market last year but agreed to accept only boneless meat from cattle under 30 months old, regarded as less dangerous.
Since the conclusion of the South Korea-U.S. FTA, Seoul has been considering expanding beef imports, including bone-in beef such as ribs despite opposition from local stockbreeders and some civic groups.