Beef Prices Surge in South Korea as Local and U.S. Supply Tighten
Creatrip Team
3 months ago
Korean beef (hanwoo) and imported U.S. beef prices have risen sharply, increasing consumer burden. Hanwoo sirloin prices jumped about 38% since early this month due to fewer cattle being raised and slaughtered and farmers delaying shipments to seek higher grades (marbling). Because breeding cows take over 30 months from pregnancy to slaughter, this supply shortage is likely to persist. Popular cuts (sirloin, tenderloin, striploin) are running short first, so consumers feel larger price increases than average wholesale changes suggest. U.S. beef prices are also up—partly because U.S. cattle numbers hit a 70-year low and because a weaker won (won-dollar exchange rate) raises import costs. Analysts expect supply constraints to continue through year-end and beyond, though demand weakness or other shocks (disease, feed-price spikes) could alter the trend.
