This Month's 'Geumgyeopsal' Continues... Up 20% Compared to Last Year

Government to Apply Tariff Quotas on 50,000 Tons of Imported Pork

Wholesale pork prices this month are expected to be higher than those in the same month last year.
[Image source=Yonhap News]

[Asia Economy Reporter Kang Woo-seok] There are expectations that wholesale pork prices this month will be higher than those in the same month last year.

The Korea Rural Economic Institute (KREI) Agricultural Outlook Center forecasted in its June 'Livestock Outlook (Pigs)' report on the 8th that the wholesale price of pork will be 6,000 to 6,200 KRW per kilogram. Compared to the same month last year (5,204 KRW), this represents an increase of about 15-19%. Compared to the average price (5,043 KRW), it is 19-23% higher.

The institute explained, "Due to the international supply situation and increased dining-out demand following the lifting of social distancing measures, wholesale pork prices this year are expected to rise compared to the average."

Last year, the price was 4,722 KRW per kilogram, and the average price was 4,374 KRW, but this year it is predicted to rise to 4,900 to 5,100 KRW.

Meanwhile, the government has proposed applying a tariff quota on 50,000 tons of imported pork in the second half of the year to respond to the rising pork prices.

On the 7th, the Ministry of Agriculture, Food and Rural Affairs announced measures to stabilize pork prices, including applying a tariff quota on 50,000 tons of imported pork in the second half of the year. A tariff quota is a system that lowers tariffs on imports for a certain period, allowing additional imports from regions where import volumes were low due to high tariffs.

The government also plans to support farmers with a total of 1.5 trillion KRW in special feed purchase funds at a 1% interest rate through the second supplementary budget this year and to raise the feed industry's input tax credit limit from the existing 40% to 50%.

This content was produced with the assistance of AI translation services.