KREI News
The Korea Rural Economic Institute hosted "Hanwoo Industry Development Forum" on August 26 at the conference hall of Korea Racing Authority. Farmers, academics, journalists and policy makers participated in the policy forum where they shared information on the current state of the Korean native cattle (hanwoo) industry and exchanged ideas on how to develop the industry.
In recent years, the number of small hanwoo farmers has been declining sharply due to continued decrease in the price of cattle and subsequent business worsening of hanwoo farmers. The reason for the sharp price decline is that there is a record number of hanwoo being raised, which is in excess of 3 million. Although the number has declined by 1.4% from a year ago to 3.064 million as of June 2013, it is still at an excessive level. To resolve the problem, researcher Woo Byung-Joon of KREI stressed, it is important to exert efforts to improve business through continued reduction of production cost.
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