Possible increase of pork imports for South Korea
Due to the Foot-and-Mouth outbreak over recent months in South Korea, the country may be looking at increasing pork imports to ease prices.
Last week, South Korea announced imposing a tariff quota on imported pork. This was announced in order to deal with the country’s unstable supply of pork because of the Foot-and-Mouth outbreaks and as an effort to stabilise pork prices.
The tariff of 25% on pork used as a raw material for meat processed products was reduced to 0% this month. It was stated that 60,000 tonnes of pork is subject to the tariff reduction.
The Ministry of Strategy and Finance said that the government will “review increasing pork imports if needed.”
Source: Bloomberg
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