Today's Date:   Monday, October 22, 2012

1. LIVESTOCK ISSUES

Beef Imports from United States Surpassed Beef Imports from Australia [Korean: BYK]

http://www.nongmin.com/article/ar_detail.htm?ar_id=208291&subMenu=articletotal

Summary:  According to the Korea Meat Trade Association, the amount of beef imported from the United States during the first 8 months of 2012 surpassed that from Australia and marked the top place.  Accumulative beef imports from the United States from January through August, 2012 were 73,390 MT (43.9 percent) and that from Australia was 71,582 MT (42.8 percent).  (Embassy comment:  Please note that these numbers are based on quarantine inspection and do not match with the Customs clearance basis.)  

Most Frequent False Labeling of COO Found in U.S. Beef [Korean: BYK]

http://www.nongmin.com/article/ar_detail.htm?ar_id=208247&subMenu=articletotal

Summary: According to Assemblyman Joo Sun Park (Democratic United Party), since 2008, the total number of false labeling cases of country-of-origin labeling found in U.S. beef was 991 cases (40.1 percent).  Next in line was Australia with 660 cases (26.7 percent), New Zealand with 388 cases (15.7 percent) and other countries with 433 cases (17.5 percent).

Is Decline in Pork Prices a Sign of Depression? [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=366&aid=0000084583

Summary: MIFAFF is trying to reduce the total number of swine to increase the swine prices coming from high inventory.  However, some analysts are stating that the price drop is not only coming from high inventory but also from low demand. 

Local Pork Meat Price Plunges [Korean, OSY]

http://news.donga.com/3/all/20121021/50280405/1

Summary: Wholesale price of local pork meat marked 2,907 won per kilogram on October 19, down 38 percent from the price in January earlier this year.  The reason for the weak price is over supply.  Total number of swine in Korea has increased to 99 million heads as of September 2012 whereas proper number for balanced supply is about 80 million heads.