Boned Rib of Pork Costs Higher than LA Rib

By Park Sae-jin Posted : April 21, 2009, 17:06 Updated : April 21, 2009, 17:06
   
 
Boned rib of pork is being sold at a price more expensive than of LA rib at large markets in Korea as April 21, 2009.

As boned rib of pork has kept its price higher, the price of the pork finally exceeded that of LA beef rib in Korea. The LA rib is the most expensive and popular among the all kinds of U.S. beef.

The Korean distribution industry said Tuesday that 100g of boned rib of pork is being sold at a price of 2260 won at Shinsegae E-Mart as of April, which is more expensive than the same amount of LA rib with a price of 1980 won.

When some large marts had begun to sell the U.S. beef in November 2008, 100g of boned rib of pork was sold at a price of 1880 won at E-Mart, which was just 58.9 percent of the same amount of LA rib with a price of 2980 won. 

The price of boned rib of pork showed a suddenly rising tendency this year:1800 won in January, 1770 won in February, 2050 won in March and 2260 won in April 2009. That of LA rib, however, was on the downside: 2980 won in January, 2380 won in February, 1980 won in March and 1980 won in April 2009.

After boned rib of pork cost a little bit higher than LA rib in March, the difference of their prices became bigger in April.

At Lotte Mart, boned rib of pork is being sold at a higher price than LA rib this month.

While the price of boned rib of pork at Lotte Mart dropped from 1880 won in January to 1780 won in February, it grew 1980 won in March and 2380 won in April this year.

On the other hand, the price of LA rib was sold at a price of 2580 won in January, which was on the same plane from a year ago. Then it fell 2380 won in February and recorded 2580 won in March, recording the same results as the end of last year. Furthermore, it declined heavily 1980 won in April 2009.

As of April, boned rib of pork is being sold at a higher price than LA rib with a gap of 400 won at Lotte Mart.

Analysts explained that a decline in the U.S. beef price resulted from the reduction of demands on food supplies and food service industry by specifying the origin.

By Jung, Eunsun
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