Tariff reduction boosts South Korean chicken imports - GAIN

Poultry imports up 14% year-on-year
calendar icon 29 December 2023
clock icon 1 minute read

In July, South Korea's Ministry of Economy and Finance (MOEF) decided to reduce the tariff on chicken meat amid continued high food prices, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report. With this measure, the basic duty of 20 to 30% was reduced to zero percent on an additional 30,000 MT by the end of the year. 

Voluntary TRQs for chicken had already been applied twice for a total of 60,000 MT, covering January 1 to March 31, and May 1 to June 30, 2023. Therefore, a total of 90,000 MT of chicken meat was permitted to be imported under the new duty-free TRQs. 

However, given the over-quota rate is not trade prohibitive, Korean poultry imports have increased 14% year-on-year to nearly 235,000 MT from January to November 2023, according to Trade Data Monitor. 

The increase in poultry imports to Korea has mainly benefited Brazilian and Thai chicken suppliers, who together hold over 92% of import market share. Imports from Scandinavian countries Denmark, Finland, and Sweden, also increased to over 8,000 MT and a combined 3.6% market share.

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