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Food News Clipping

August 19, 2011

2011.08.20

FAS/Seoul Monitoring of Media Reporting on Agricultural Issues

Today's Date: Friday August 19, 2011

For Coverage: August 17 - 19, 2011

1. MARKETING ISSUES

‘Use-By Date’ to Replace ‘Shelf Life’ Label on Food Products [Korean, OSY]http://news.donga.com/3/all/20110819/39638938/1

Summary: Korean Ministry of Planning & Finance has announced on August 18 that it plans to replace ‘Shelf Life’ labeling on food products with ‘Use-By Date’ to promote more efficient use of resources. The Ministry explained that the existing shelf life label has misled the consumers, and as a result much of the products that have no quality or safety problem have been wasted. The Ministry said products will carry both shelf life and use-by date on the label for some time after the new regulation is implemented to reduce consumer confusion.

2. OTHER MISCELLANEOUS ISSUES

Price of Beans Surges [Korean, OSY]

http://economy.donga.com/ViewHeadline/3/0108/20110817/39578429/3

Summer: Price of processed foods made from beans such as bean sprout and tofu is reportedly on a rapid increase. Price of ‘white beans’ in E-Mart store marked 1,256 won per 100g this week, up 40 percent from August last year. As a result, price of tofu and bean sprout in E-Mart showed 27 percent and 20 percent in July. Price of beans is expected to remain strong throughout this year as local harvest is not in good shape due to extended rainy season this summer.

Price of Hanwoo Beef Declines 5 Percent in July [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?type=2&aid=2011081669151&nid=910&sid=010113

Summary: Price of local Hanwoo beef marked 11,816 won per kilogram in leading livestock auction market on August 12, down 5.2 percent from one month earlier. Marketers forecast that the price of Hanwoo beef will remain weak in the coming months as the supply of meat from local farms shows a significant increase. Total number of beef cattle in Korea was 3.05 million heads at the end of the first half this year, which was 10.9 percent larger than last year. As a result, price of beef cattle has declined 22.6 percent from last year.

The information in this report was compiled by the Agricultural Trade Office (ATO) at the U.S. Embassy in Seoul, South Korea. The press summaries contained herein do NOT reflect USDA, the U.S. Embassy, or other U.S. government agency official policy or view point. U.S. food exporters can learn more about market opportunities in South Korea by reviewing ATO Seoul’s Exporter Guide and other reports available at www.fas.usda.gov by clicking on “attaché reports”.

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