Today's Date:  Thursday, June 07, 2012

1. BILATERAL/MULTILATERAL ISSUES

Korea, U.S. to Hold FTA Check Up Meeting in Washington This Week [English: SLK]

http://www.arirang.co.kr/News/News_View.asp?nseq=131238&code=Ne2&category=2

Summary: This week in Washington Korea and the United States will hold a check-up meeting on the implementation of the Korea-US Free Trade Agreement. Seoul's foreign ministry said officials from the two countries will open two days of talks Thursday on issues including customs label of origin and small-and-medium sized enterprises.
The Korean delegation will be headed by a director general from the foreign ministry and include officials from the finance and justice ministries as well as the customs agency.

2. LIVESTOCK ISSUES

Heat wave in Korea caused rise in demand of chicken for nurturing. [Korean: SHK]

http://biz.chosun.com/site/data/html_dir/2012/06/07/2012060701058.html

Summary: The price of chicken is rapidly rising due to the heat wave that hit Korea earlier than expected. People look for chicken to nurture themselves in hot weather. Also, people tend to choose chicken in substitute to beef after they have heard of the mad cow disease detection in the U.S. Experts insist that the price of chicken will keep rising until late August.

After inspection of beef imported from the U.S., it turned out that there is no hazard. [Korean: SHK]

http://www.dailian.co.kr/news/news_view.htm?id=290950&sc=naver&kind=menu_code&keys=2

Summary: Animal, Plant and Fisheries Quarantine and Inspection Agency reinforced inspection of beef imported from the U.S. since April 27^th and announced that they have not found any SRM (Specified Risk Material) until end of May.

3. MARKETING ISSUES

Imported Beer Outsells Local Traditional Liquor in Lotte Mart [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/06/06/0318000000AKR20120606076000003.HTML

Summary: Lotte Mart, a third largest hypermarket grocery store chain in Korea, reported on June 7 that imported beer outsold local traditional liquor, including rice wine, during April and May.  Imported beer accounted for 16.2 percent of total beer segment sales in the store.  Lotte Mart commented that increased demand for imported beer, particularly among 20’s and 30’s who experienced foreign beer through travels to foreign countries, is the main reason behind the strong sales growth of imported beer.  Lotte Mart currently offers 130 different products under 40 brands, which is a big increase from 50 products under 12 brands back in 2005.  Lotte Mart plans to add additional 20 imported beer products within this year to meet the strong demand.

Imported fruits have started flowing into the Korean market[SWY]

http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201206062119265&code=920501

Summary: In May of this year, quantity of orange, grapes and other imported fruits have increased around 20% in the market. Reasons for increase in price of fruits are attributable to rise in number of US oranges and cherries  from KORUS FTA and lack of availability of good harvest of domestic fruits. In various marts, sales of imported fruits have drastically increased and importing quantities are expected to continue to increase.