Livestock prices in S Korea surge due to FMD
Prices of livestock products in South Korea made the biggest jump in February since statistics started to be tallied in January 1985, as the country struggles with continual outbreaks of foot-and-mouse disease (FMD), Statistics Korea announced on 3 March, 2011.
According to Statistics Korea, prices of livestock products surged 8.7% in February from the previous month. Pork prices, in particular, saw the largest growth with an increase of 18.8% in a month; the highest level since a rise of 28.7% reported in April 1984.
Domestic beef prices fell 0.8% in February from the previous month, while imported beef prices advanced 6.8%, the highest growth recorded since 7.5% in July 1996.
The fall in domestic beef prices could be attributed to a decrease in demand driven by concerns over FMD.
The contagious animal disease has impacted heavily on South Korea’s livestock industry. Since the first case was confirmed on 29 November, 2010, more than 3.4 million animals, mostly cattle and pigs, have been put to death, with losses estimated at about $2.6 billion.
