South Korean beef prices soared

Introduction: Despite the economic downturn in South Korea in 2001, domestic beef prices soared to the highest level Worried about the market liberalization in 2001, it promoted the domestic cattle industry to further reduce the number of live cattle This kind of worry is still warm in the market, which shows that the market focuses on the supply and demand in the medium and long term As the number of live cattle decreased, producers increased the price of beef in order to fill their stocks Overall, South Korean beef demand fell early this year due to increased concerns about the weakening economy and reports of foot-and-mouth disease and mad cow disease in Europe In late spring and mid summer, the price of beef bottomed out Since then, consumer demand for beef has increased and imports have increased The market expects imported beef to continue to strengthen South Korean consumers are more interested in cheap imported beef because of the strong exchange rate of South Korean currency against the US dollar and the falling price of beef due to Japanese mad cow disease in the international market However, the situation of BSE in Japan will further expand, which will temporarily affect the demand for beef According to the current trade situation, the target import volume of South Korea is about 7% lower than that of 1999 and about 30% lower than that of last year Although South Korean beef imports are estimated to be lower this year than in recent years, they are still higher than earlier forecasts.