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Food News Clipping

September 07, 2011

2011.09.08

FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Wednesday, September 07, 2011
For Coverage: September 01 - September 07, 2011
 

  

1. ECONOMIC ISSUES

 

Consumer Price Up 5.3% in August, Highest Monthly Increase in Three Years [Korean, OSY]

http://joongang.joinsmsn.com/article/853/6101853.html?ctg=1100&cloc=joongang%7Chome%7Cnewslist2

Summary: According to the National Statistics Office, consumer price rose 5.3 percent in August, which was the highest monthly increase recorded since September 2008.  Korean Government is reportedly discussing various policy measures to deal with the surging consumer price.

 

2. GRAIN & OILSEED ISSUES
 

Korean Federation of Ag Cooperatives and Korea Liquor Industry Association Sign a Long-Term Supply MOU on Barley [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/09/05/0318000000AKR20110905029000002.HTML

Korean Federation of Agricultural Cooperatives (KFAC) and Korea Liquor Industry Association (KLIA) signed a MOU on September 5.  Under the MOU, local Soju distillers agreed to purchase 50,000 tons of barley from local farms every year.  This MOU intends to help local farmers as the Korean government will not run the annual public barley purchase program,  amounted to about 48,000 tons in the past, from next year.

 
3. MARKETING ISSUES 

 

Sales of Ready-to-Serve Steamed Rice Up 40% This Year [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011090507511&sid=0104&nid=004&ltype=1

CJ Jeiljadang reported that sales of Hat-Ban, a ready to serve steamed rice, had grown 45 percent during the first 7 months this year  from last year.  Other suppliers of similar products reported strong sales growth.  Market analysts have interpreted that a rapid increase of single-member households will result in bigger demand for ready to serve meal products in the coming years.

 

Large-scale Retailers Agree to Lower Sales Commissions by 3 - 7% Points [Korean, OSY]

http://news.donga.com/3/all/20110906/40131973/1

Eleven large-scale retailers, including department stores, hypermarkets, and TV home-shopping companies, have signed on a voluntary agreement on Sept. 6 to lower the sales commissions that they charge to small-scale suppliers by as much as 7 percent points.  Currently large-scale retailers take about 30 percent of the cash register sales of tenant suppliers as commission.  Retailers have been under strong social pressure to reduce the sales commission to help small-scale suppliers.  Reduced sales commission will take effect from October.

 

 

 

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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Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921
Email: atoseoul@state.gov