Due to logistics difficulties originating from the Middle East, the price of imported beef has surged by 27%.
Due to the aftermath of the Middle East war, maritime logistics costs have surged, leading to a significant increase in imported meat prices in the Gangwon region, with prices rising by up to 27% within a year. According to livestock distribution information, the average price of U.S. chuck eye roll (refrigerated) in Gangwon region in May was 3,921 won per 100g, a 26.8% increase from the same month last year (3,092 won). U.S. short ribs (refrigerated) also rose by 19.0% to 4,614 won as of the 9th, compared to 3,876 won last year. According to the Ministry of Agriculture, Forestry and Fisheries on the 9th, the global meat price index reached a record high of 129.40 last month due to the aftermath of the Middle East war, up from 127.9 in March and about 6.4% higher than 121.6 in the same month last year. The main cause of the rise in imported meat prices is attributed to the surge in logistics and feed costs due to Middle East geopolitical risks. According to the Agricultural Observatory, the container freight index in March was 1,683.3, a 31.1% increase from the previous month, significantly increasing the burden of transportation costs. The international spot prices of U.S. corn and soybean meal, key ingredients for compound feed, rose by 2.2% and 1.4% respectively in the first week of May compared to the previous week. An official from the Ministry of Agriculture, Food and Rural Affairs said, "International raw material prices and external uncertainties are continuing," and added, "We plan to strengthen monitoring of supply and demand conditions for each item and make every effort to manage the supply and demand of agricultural and livestock products using available means."