Today's Date:     Tuesday, February 28, 2012

 

1. MARKETING ISSUES

 

“Emart will not Increase Price of 14 Key Household Food Products through This Year” [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/02/28/0302000000AKR20120228073300003.HTML

Summary: Emart, the leading hypermarket retail chain in Korea, announced on Feb. 28 that it would not increase price of 14 key household products, including   Emart Milk, Kellogg Corn Frost, Ottoogi Spaghetti Sauce, Gompyo Wheat Flour, by the end of this year.  Emart added that the decision was to support the household economy.

 

2. OTHER MISCELLANEOUS ISSUES

 

Government to Import Table Sugar Directly to Pressure Local Sugar Processors to Lower Price [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20120226/44343509/1

Summary: Korean Ministry of Agriculture announced on Feb. 26 that it would import 10,000 tons of table sugar in the first half this year through the Agricultural Marketing Corporation, aT.  The ministry pointed out that the import was to pressure local sugar processors to lower the retail price.  According to the ministry, local processors have not lowered the price of sugar despite the fact that international price of raw sugar dropped significantly since the 4^th quarter last year.

 

aT State Trading Release[CSC, English]

Urgent Purchasing Tender Invitation to Import Sugar to stabilize domestic sugar market.

 

Commodity	Invitation No.	Quantity	Origin	Due date of   Destination	Destination Port
Refined White Sugar (HSK : 1701.99.0000)	AT0904-RSI-12(023)	2,000 M/T	No Limitation	Mar. 31, 2012	Korean Port

 

Spaghetti Outsells Woodon and Gooksu Noodle in Retail Store [Korean, OSY]

http://news.donga.com/Economy/Market/3/0108/20120226/44343527/1

Summary: According to Lotte Mart, a leading hypermarket retailer, sales of spaghetti noodle last year was larger than other local noodle products, including Woodon and Gooksu noodle, for the first time in history.  Spaghetti accounted for 22.8% of overall noodle category sales, followed by Gooksu (21.5%) and Woodong noodle (20.8%).

 

Sun-dried Red Pepper should be Washed to be Imported, Ministry of Ag. [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/02/28/0301000000AKR20120228057500002.HTML

Summary: Ministry of Agriculture, Forestry, Fishery, and Food (MAFF) announced on Feb. 28 that sun-dried red pepper would be required to be washed and vacuum packed to be able to enter the Korean market.  MAFF explained that this new requirement was to enhance safety of the imported red pepper.