High exchange rates cause a surge in import prices... the price gap between U.S. beef and Hanwoo narrows

Due to the rise in the won/dollar exchange rate and the burden of logistics costs, with overall import prices increasing, the price of U.S. beef has surged dramatically, creating a price gap with Korean beef.

Sales stand for U.S. beef [Yonhap News Agency file photo][Yonhap News Agency file photo] As the won-dollar exchange rate rises and logistics costs burden, import prices generally increase, leading to a sharp rise in the price of U.S. beef, which has significantly narrowed the price gap with Korean beef, according to findings. According to the Korea Meat Quality Evaluation Service today (17th), the price difference between 100g of Korean beef ribs and U.S. beef ribs in the first quarter of this year was 2,803 won. This is nearly half the difference of 4,170 won in April 2024. The price of U.S. beef has risen significantly due to the impact of the rising exchange rate. The average price of 100g of U.S. chuck eye roll in the first quarter of this year was 3,846 won, a 33.5% increase from a year ago. Meanwhile, the price of Korean beef loin rose by 9.6% in the same period, showing a relatively low increase. The narrowing price gap is due to the rise in import unit prices caused by the ...