Today's Date: Friday, June 08, 2012

For Coverage: June 07 - 08, 2012

1. LIVESTOCK ISSUES

Beef import scale from the U.S. has decreased since mad cow disease incident [Korean: KSH]

http://www.nongmin.com/article/ar_detail.htm?ar_id=203401&subMenu=articletotal

Summary: Since mad cow disease case found in the U.S. on April, beef imports from the U.S. have significantly decreased. It turned out that we are now importing beef more from Austrailia than from the U.S. Also, import inventory stock has been accumulated and this will lead to decrease in imports in the near future.

2. MARKETING ISSUES

An American Thoroughbred Racehorse of a ‘Ferrari’ Price Has Come to Korea … a Korean Racehorse Owner Purchases $225,000 Horse from Ocala Auction [Korean, OSY]

http://news.donga.com/Economy/3/01/20120607/46837706/1

Summary: According to Korea Racing Association (KRA), an American thoroughbred racehorse, purchased in a recent auction in Ocala, FL by a member of Korea Racehorse Owners Association at $225,000, has arrived in the Seoul-Gwachun race course on June 7. The purchase price was a record high for a racehorse imported into Korea (note: there have been more expensive horses imported into Korea but they were all retired racehorses for stud purpose). Mr. H.G. Oh, the new owner of the racehorse commented that “this two year old racehorse will start running local races as early as in July” and “after retirement, he should become a stud source of great racehorses”.

3. MIFAFF PRESS RELEASES

66 million dollars in exports on Agriculture Fisheries and Forestry in May [Korean: SLK]

http://www.mifaff.go.kr/list.jsp?&newsid=155442915§ion_id=b_sec_1&pageNo=2&year=2012&month=&listcnt=5&board_

kind=C&board_skin_id=C3&depth=1&division=B&group_id=3&menu_id=1125&reference=&parent_code=3&popup_yn=&tab_yn=N

Summary: The ministry of Agriculture and Forestry announced 1 percent growth in exports in May to 66 million dollars, compared to that of the last year’s (6.5 million dollars). Although the export rate has increased by 6.5 percent from last month, it demonstrates slower growth in yearly comparison. The recession came from crisis in world economy which especially effected Japan and China, one of the largest agriculture exporters. The ministry plans to provide financial support and sales promotion to recover slowdown in exportation industry.

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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