Korea recently announced changes to its 2012 tariff schedule opening tariff-rate quotas and adjusting tariffs for certain agricultural products to stabilize domestic consumer prices. A zero-duty tariff-rate quota for 70,000 MT of fresh and frozen pork bellies and pork for processing is opened from January 1- March 31.
The price of pork belly meat – the most popular pork cut in Korea – generally increases during the Lunar New Year holidays. Thus, the Ministry of Strategy & Finance (MOSF) continuing its efforts to curb rising consumer inflation decreased the duties to zero on 70,000 MT of imported bellies and other pork cuts from January 1, through March 30. MOSF‘s intervention is also aimed at eliminating shortages as a result of the 2010 foot and mouth disease (FMD) outbreaks. Other notable changes were the tariff adjustments for breeding swine. The duty for breeding swine was lowered from 18 percent to zero from January 1 through June 30.
Tuesday January 31, 2012/ FAS-USDA/ United States.