SEOUL, KOREA - As poultry prices continue on a downward spiral, the retail industry is carrying out campaigns to promote poultry consumption.According to the Korea Agro-Fisheries & Food Trade Corp., the retail price of poultry (medium quality, per kg) averaged at 4,985 won this month.
This is the lowest level in five years and down 13 percent compared to 5,728 won a year ago.The poultry farming industry blamed the decline in poultry prices mainly on its wrong demand forecast.
Early this year, the industry had sharply increased its poultry output amid expectations for higher demand arising from the World Cup and the special demand in the summer season.
The number of chicken and ducks exceeded the 100-million mark in the second quarter of this year, up 30 percent from a quarter ago.Despite the drastic increase in supply, the poultry demand fell due to the avian flu outbreak in January and there was no special demand during the World Cup season.
