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[garykasparov]

https://www.koreaherald.co.kr/SITE/data/html_dir/2007/08/03/200708030054.asp

Prices of imported beef fall on cheaper U.S. meat

As major discounters started selling cheaper American beef last month, the price of imported beef recorded the biggest drop in 10 years, according to the National Statistical Office yesterday.

The prices of imported beef, mostly from Australia and New Zealand, fell 7.6 percent in July, the biggest drop since it fell 9.1 percent in July of 1997, the NSO said. American beef has been selling for half the price of Korean beef and for 15 to 25 percent less than Australian beef at Lotte Mart since July 13.

The prices of Australian and New Zealand beef have been affected by American beef as retailers resumed or have planned to start sales of the U.S. beef. The competition is expected to get fiercer, an NSO official said.

Lotte Mart, the country's third largest discount store chain, sold over 120 tons of American beef as of July 25, while only 70 tons of Australian beef were sold during the same period, the NSO said.

The lower priced American beef is found to have affected domestic meat as well. Last month's price of Korean beef dropped four percent and pork 9.5 percent compared to the previous month. Korean pork prices have been falling for the last five months, and beef prices have dropped an average 3.5 percent for three months in a row.





American beef is to be widely available across the country as most retailers are expected to be selling American beef as of August 9. The NSO expected that the price slump is to continue with full-scale imports of beef due in the future.


By Jeong Hyeon-ji


([email protected])


2007.08.03

[wylies99]

Lower prices =

[Beej]

Just shows you the price gouging that is the Korean consumer experience.

[Alyallen]

But if the U.S. beef is banned yet again, doesn't this mean the prices will go back up again?