Increase in Tariff-free Pork Imports, Powdered Milk
SOUTH KOREA - South Korea government has decided to increase the amount of tariff-free imports of pork and powered milk in a bid to easy supply shortages caused by the country's ongoing epidemic of foot-and-mouth disease (FMD) and curb inflation, a senior finance ministry official said Friday.
24 February 2011
1 minute read
In a meeting involving economy-related officials in the country, Vice Finane Minister Yim Jong-yong said the nation plans to increase the quota of tariff-free pork from 60,000 tons last month to a total of 110,000 tons, and powdered milk to 30,000 tons in the first half of the year. It also will import 200,000 tons of raw milk at a lower tariff.
According to the ministry, the amount of milk produced in South Korea is expected to reduce by 20,000 tons to 190,000 tons this year due to widely-spread FMD.
The outbreak of the high contagious, the fifth in South Korea since 2000 and by far the severest, was first confirmed on 29 November last year in Andong, North Gyeongsang Province, and has spread to nine cities and provinces so far. The disease has forced South Korea to slaughter more than 3.3 million livestock, mostly cattle and pigs.
In addition, the government also plans to add 24 other imported items, including dairy products, egg chickens, cotton yarn and aluminum, to its tariff quota list in the first half of the year, to help stabilize prices in the domestic market.
According to CriEnglish.com, the tariff quota allows the government to cut tariff on the import of up to 40 per cent in order to stabilize prices or to help certain industries.
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