Today's Date:  Monday, September 10, 2012

1. BILATERAL/MULTILATERAL ISSUES

‘FTA Effect’ … American and European Wine Show Good Import Growth [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/09/07/0302000000AKR20120907186200003.HTML

Summary: Importation of wine from those countries that have implemented free trade agreement (FTA) has shown a significant growth so far this year.  According to Korea  Wine & Spirits Importers Association, importation of wine from the U.S. totaled $8.6 million between January through July this year, up 19.4 percent from the same period last year.  Importation of wine from Spain and Germany also rose 19.7 percent and 19.9 percent during the period.  Other major European wine suppliers, including Italy and France, saw good growth of wine exports to Korea.  On the other hand, Australia, which does not have FTA with Korea has lost market share in Korea this year from 6.7 percent in July last year to 6.4 percent in July this year.

2. MARKETING ISSUES

‘Red Ginseng’ Reports Strong Sales for Upcoming Korean Thanksgiving Day Season [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/09/10/0318000000AKR20120910056700003.HTML

Summary: It is reported that red ginseng products are making a strong sales for the coming Korean Thanksgiving Day season.  KGC Ginseng, the largest supplier of red ginseng products reported that sales of gift sets targeting Thanksgiving Day season during the first three days after launching on September 7 totaled 15 billion won, up 36 percent from last year’s record.  KGC pointed out that premium gift sets over 100,000 won of price showed much higher growth (260 percent).

Emart Launches Wild-caught Alaskan Salmon [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/09/10/0318000000AKR20120910056700003.HTML

Summary: Emart, the leading hypermarket store chain, announced that it had launched wild-caught pink salmon (frozen) imported from Alaska on September 10.  Emart pointed out that this salmon is 57 percent cheaper than farm-raised salmon imported from Norway.  The buyer in charge in Emart added that sales of salmon in Emart so far this year amounted to 161 tons, 55 tons more than last year.  The buyer said launching of Alaskan salmon was to meet increased consumer demand for salmon from more diverse origins.

3. OTHER MISCELLANEOUS ISSUES

Agro exports are key for future growth [Korean, HYD]

http://koreajoongangdaily.joinsmsn.com/news/article/article.aspx?aid=2959174&cloc=joongangdaily|home|newslist2

President Kim Jae-soo of Korea Agro-Fisheries & Food Trade Corporation believes exports of agricultural products will be a “game-changer” for the country’s agricultural industry.
He calls for more research efforts to develop high-quality processed food products to sell overseas. Kim supports the Korea-China free trade agreement, which will let in cheaper Chinese agricultural products that can be turned into high-value-added products with the help of Korean technology.The government official-turned-CEO of the quasi-governmental organization sat down with the Korea JoongAng Daily last week to share his three decades of experiences in the agricultural industry.