South Korea announces tariff quotas on pork imports
South Korea has announced that it will impose a tariff quota on imported pork.
This is to deal with the country’s unstable supply of pork because of the Foot-and-Mouth outbreaks which have occurred across the country in recent months and is still being dealt with. The announced action is brought about as an effort to stabilise pork prices.
According to the Ministry of Strategy and Finance, the current tariff of 25% on pork used as a raw material for meat processed products will be reduced to 0% this month. 60,000 tonnes of pork will be subject to the tariff reduction.
This will be effective until the end of June this year.
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