April 25, 2024
Retail & Consumer
Korean beef sales drop on anti-graft law
[THE INVETOR] Sales of Korean beef have fell on consumers’ preference over cheaper imported beef affected by the implementation of an anti-graft law, according to industry data on Dec. 7.
E-mart, the No. 1 discount store chain operated by Shinsegae, said sales of Korean beef came to 11.1 billion won (US$94.70 million) in November, down 25.5 percent from a year earlier, while sales of imported beef increased 13.7 percent on-year to 14.9 billion won.
The ratio of imported beef sales accounted for 54.8 percent to surpass domestic beef, E-mart said.
The reversal came as South Korea’s beef imports continued to surge due to a spike in local meat prices. The average wholesale price of Korean beef was estimated at 16,696 won last month, 16.2 percent higher compared with two years earlier.
The expensive price tag of domestic beef was also hit by an anti-graft law that took effect in late September. It bans public servants, educators and journalists from receiving free meals valued at over 30,000 won, gifts worth more than 50,000 won or congratulatory or condolence money of more than 100,000 won.
(theinvestor@heraldcorp.com)
E-mart, the No. 1 discount store chain operated by Shinsegae, said sales of Korean beef came to 11.1 billion won (US$94.70 million) in November, down 25.5 percent from a year earlier, while sales of imported beef increased 13.7 percent on-year to 14.9 billion won.
The ratio of imported beef sales accounted for 54.8 percent to surpass domestic beef, E-mart said.
The reversal came as South Korea’s beef imports continued to surge due to a spike in local meat prices. The average wholesale price of Korean beef was estimated at 16,696 won last month, 16.2 percent higher compared with two years earlier.
The expensive price tag of domestic beef was also hit by an anti-graft law that took effect in late September. It bans public servants, educators and journalists from receiving free meals valued at over 30,000 won, gifts worth more than 50,000 won or congratulatory or condolence money of more than 100,000 won.
(theinvestor@heraldcorp.com)
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