Ministry of Agriculture, Food and Rural Affairs: "Significant Increase in Duck Meat Prices... Will Expand Supply of Stockpiled Quantities"

Impact of Culling and Increased Consumption Due to Spread of Highly Pathogenic AI
"Supply Stable but Cooperating with Affiliate Companies Considering Price Rise"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Agriculture, Food and Rural Affairs announced on the 3rd that it will expand the supply of reserved stocks of duck meat, whose prices have surged due to culling caused by the recent outbreak of highly pathogenic avian influenza (AI).

An official from the Ministry stated, "To ensure stable supply of duck meat, which has experienced a more significant temporary supply disruption due to culling and movement restrictions compared to eggs and chicken, we plan to cooperate with affiliated companies to expand the supply of reserved stocks according to market conditions."

According to the Ministry, as of the end of last month, the consumer price of duck meat was 13,906 KRW per kg, a 23.9% increase compared to the previous year. This is a notable figure compared to the price increase rates of eggs (special grade 10 pieces, 1,876 KRW) at 5.2% and chicken (5,143 KRW per kg) at 0.3%.

However, the government assessed that the overall price fluctuations of poultry products have been stable recently. The Ministry official explained, "Looking at the average consumer prices in December, eggs were 2.0% higher than the average year, chicken was 0.6% lower, and duck meat was formed at a level 10.8% higher."

Comparing the consumer prices on December 31 with those on November 26, the first day of AI occurrence (based on feed collection date), the cause of the 5.3% price increase in eggs was diagnosed as "inventory stocking by distribution industry and increased home consumption due to strengthened social distancing."

Regarding chicken, the official added, "Despite having more supply capacity than usual, the price was 0.3% higher compared to November 26 due to increased home consumption caused by strengthened social distancing," and further explained, "Duck meat had more supply capacity than usual, but due to temporary supply disruptions caused by culling and movement restrictions, it rose by 12.0%, a higher level than eggs and chicken."

He continued, "Due to culling caused by the AI outbreak, the number of laying hens decreased by 6.2%, but this is 2.0% less than the average year," emphasizing, "Although the number of culled broilers and ducks increased, the annual shipment numbers compared to the average year are 0.42% for broilers and 1.96% for ducks."

This content was produced with the assistance of AI translation services.