Today's Date:   Monday, November 26, 2012

1. BILATERAL/MULTILATERAL ISSUES

Korea Trade Commission rules that Korea pork processor did suffer loss due to Korea-EU FTA [Korean: BYK]

http://www.foodnews.co.kr/news/articlePrint.html?idxno=42697

Summary: The Korea Trade Commission ruled that a pork processor in Korea had suffered damages due to the Korea-EU FTA.  This company’s total sales dropped during the first half of 2012, compared to the same period in 2011.  This company will be eligible for receiving loans and consulting from the Small and Medium Business Corporation.

2. GRAIN & OILSEED ISSUES

Rice Harvest This Year Marks a 32 Year Low, Korea Statistics Office [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2012112217441

Summary: National Statistics Office reported that rice harvest this year totaled 4.06 million metric tons, down 5.2 percent from last year and a 32 year low.  The three typhoons that hit the peninsula between August and October were reportedly a key cause of the low harvest.  As a result, retail price of rice in the market would be about 6 percent higher than regular years, according to Rural Economic Institute.

3. MARKETING ISSUES

S. Korea-Russia Fishing Quota Negotiation Fails to Reach an Agreement [Korean, OSY]

http://news.donga.com/3/all/20121121/51017333/1

Summary: S. Korea-Russia Fishery Meeting on November 21, which discussed fishing quota for Korean vessels in Russian sea for year 2013, failed to produce an agreement.  Both party maintained a different position on the trade of Russian crab.  Russia demanded in the meeting that Korea should demand official ‘country of origin’ certificate on Russian crabs imported into Korea, a measure to prevent illegal fishing of crabs in Russian water.  Total fishing quota that Korea received from Russia in 2012 was 62,000 metric tons.  Failure to secure a quota for next year would cause a steep retail price rise of related fish, particularly Pollack.

“Korea should Become a Top 10 Coffee Market in the World”, Robert Nelson, CEO of National Coffee Association USA [Korean, OSY]

http://news.donga.com/3/all/20121124/51069869/1

Summary: Robert Nelson, CEO of National Coffee Association USA (NCA) said in a press interview on November 22 that Korea should become a top ten coffee consuming market in the world soon.  He visited Seoul November 22 – 25 to attend the Seoul Café Show.  Mr. Nelson commented that strengthened Korean government regulations such as ban on new stores within 500 meters from existing stores under same franchise, will not help develop the Korean café industry.

Lobster Outsells Crab due to Lower Price [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/11/25/0302000000AKR20121125055300003.HTML

Summary: According to local seafood traders, lobsters are outselling crabs for the year-end party season due to lower price.  According to Lotte Mart, price of regular crabs and king crabs marks 31,000 won/kg and 39,000 won/kg respectively as of November 26, up 48 percent and 11 percent respectively from the same period last year.  On the other hand, import price of lobsters marks $8.15/500 gram, slightly down from last year.  Lotte Mart has launched a sales promotion on live Canadian lobsters, November 26 to December 5, which offers a lobster at 12,500 won.