FAS/Seoul Monitoring of Media Reporting on Agricultural Issues

Today's Date:  Monday December 1, 2014

For Coverage: November 01 ~ 31, 2014

1. MARKETING ISSUES

Meat Price Jumps 40% Compared to Last Year [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2014112330301

Summary: Wholesale price of pork meat marked 6,058 won per kg on November 21, up 37.9 percent from a year ago.  Meat industry analysts commented that reduced supply of pork meat in the international market due to a swine disease as well as increased demand by local consumers due to avian influenza concerns has resulted in a significant increase of pork meat price in Korea over the last several months.  Price of imported beef has also increased significantly this year mainly due to reduced supply from the U.S.  For example, retail price of Australian beef in a local grocery store has increased 13 to 34 percent this year.  Food processors, including hamburger restaurant chains and ham processors are reportedly considering to increase the price of their products to compensate for the increase of the ingredient cost.

Hotel Rooms in Seoul Have Increased 40% Since 2010 [Korean, OSY]

http://news.donga.com/3/all/20141114/67882050/1

Summary: City of Seoul reported that there were a total of 32,482 hotel rooms in the city at the end of September 2014, which was 40 percent increase from 23,176 rooms back in 2010.  The city government pointed out that the strong growth of foreign tourists to Korea had resulted in opening of numerous new hotels in the city in recent years (31 in 2013 and 25 in 2014 through September). 

S. Korea-China Free Trade Agreement to Reach an Agreement Soon ... Summit Meeting Scheduled in China on Nov. 10 is Likely to Announce the Agreement [OSY]

http://news.donga.com/3/all/20141104/67636310/1

Summary: The Korean representative of Korea-China FTA negotiation said in a press interview on November 3 that the FTA might reach an agreement during the summit meeting scheduled on Nov. 10 in Beijing.  Korean president Park is attending the APEC (Asia Pacific Economic Council) meeting in Beijing and the summit meeting with Chinese president could be an opportune time for the two countries to announce the agreement on bilateral FTA.

Lotte Mart Opens Another 'Vic Market' Store in Ilsan ... To Strengthen 'Warehouse Club Discount Store' Business [Korean, OSY]

http://www.edaily.co.kr/news/NewsRead.edy?SCD=JC21&newsid=01321846606282112&DCD=A00302&OutLnkChk=Y

Summary: Lotte Mart announced that its fifth 'Vic Market' store will open in Ilsan on November 5.  'Vic Market' is a warehouse club discount store chain and the new store in Ilsan has a total of 17,400 sq. meter of shopping space.  Lotte Mart plans to add additional 'Vic Market' stores to capitalize on the strong consumer demand for value price shopping.  COSTCO Korea is the leading company in this segment currently.