US Beef Prices Rise, Narrowing Gap with Korean Hanwoo

As US beef prices climb due to the surging won-dollar exchange rate and higher shipping costs, the price gap that once favored US beef over domestic Hanwoo is rapidly shrinking. According to the Livestock Products Quality Evaluation Institute, the price difference between Hanwoo and US ribs stood at 2,803 won as of the 16th.

This marks a substantial decrease compared to a year ago.

The rise in US beef prices is the result of the combined effects of the surging won-dollar exchange rate and increased logistics costs. A weaker Korean won against the dollar has driven up the cost of imported goods. Additionally, global supply chain instability and rising oil prices have led to a general increase in logistics expenses, including maritime freight rates.