The retail price of pork belly imported from Europe fell by up to 47% over the past month after the FTA pact signed between South Korea and the European Union went into effect, according to government data in Seoul.

Along with pork belly, the price of wine and dairy products from Europe, also declined as lowered or eliminated tariffs on a wide range of products had a ripple effect, relieving a burden on low-income class households, the finance ministry said on August 3.

The average price of frozen pork belly produced in Europe fell to 800 won per 100 grams in July from 1,180 won in June. That amounts to almost 40% of the price of corresponding domestic products.

Following the price decline of European products, domestic pork belly is also expected to go stable in the market from August, the ministry said. (MK news)