1. BILATERAL/MULTILATERAL ISSUES

KORUS-FTA Benefits to the U.S Cheese Exports [LSH, Korean]

http://www.taxtimes.co.kr/hous01.htm?r_id=180478

Summary: According to Korea Customs Service data released this Monday, cheese imports in Korean market increased while powdered milk and butter imports decreased due to rise of domestic production and self-sufficiency. Among the various exporting countries, U.S has become the top cheese export market in Korea since KOR-US FTA came into effect. Overall, the market share of dairy products in Korea is mostly distributed to U.S, Australia, New Zealand and Germany.

2. GRAIN & OILSEED ISSUES

Imports of Cheese Grew 16 Percent in the First Seven Months This Year [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2013082698921

Summary: According to the Korea Customs Office, imports of cheese totaled $230 million between January through July this year, up 16 percent from the same period last year.  Imports from the U.S showed the highest growth, 39 percent, among competing export countries to Korea.  On the other hand, imports of milk powder declined 6 percent during the period to $66 million.  A retail buyer commented that increase of cheese imports were due to increased consumption of cheese at home for bakery use and wine side dish use.

3. LIVESTOCK ISSUES

Record-breaking Heat Waves result in sudden rise in prices of chicken [LSH, Korean]

http://news.mk.co.kr/newsRead.php?year=2013&no=765306

Summary: Korea went through severe summer heat this year which ended up killing more than 1 million chickens since June 2013. Moreover, the suppliers have previously agreed to reduce the chicken supply in order to prevent oversupply. The combination of the two incidents caused supply shortage which resulted in increased price of chicken in the market. Suppliers are currently working on improving sanitation and promoting nighttime transportation (or delivery) aiming to control supply and minimize the potential damage.