FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday,   November 1,  2024

For Coverage:  October  26 ~ November 1, 2024

The Korean Government will Expand Tax Deductions for Traditional Liquor to Increase Domestic Rice Consumption
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20241030.99099008326
Summary:  The Korean government plans to double the amount of traditional alcoholic beverage product that companies can ship and still receive the traditional liquor tax reduction, in order to foster the rice-based processing industry by the end of the year. According to the Ministry of Economy and Finance, the government currently provides the tax reduction at a certain rate for fermented liquor with a total shipment of 500 kiloliters or less and distilled spirits of 250 kiloliters or less but plans to expand to 1000 kiloliters of fermented liquor and 500 kiloliters of distilled spirits. In addition, the government plans to gradually reduce the supply of imported rice, which is used in rice-based products, such as instant rice and fried rice, and promote domestic rice consumption. Statistics Korea said that annual rice consumption per capita was 56.4 kilograms last year, down 0.6 percent (0.3 kilograms) from the previous year and about 50 percent from 110.2 kilograms in 1993.

Discounts Abound for Nov. 1 Korean Beef Day
https://koreajoongangdaily.joins.com/news/2024-10-28/business/industry/Discounts-abound-for-Nov-1-Korean-beef-day/2164825#google_vignette & https://www.ytn.co.kr/_ln/0102_202410300534283170
Summary:  The Ministry of Agriculture, Food and Rural Affairs, along with the Hanwoo Association, announced that they will hold a large-scale nationwide Korean beef (Hanwoo) sales events to help Korean beef producers suffering from weak wholesale prices and alleviate financial burden on consumers, promoting November 1^st as a day to eat Korean beef. The Korean beef sales events are held at hypermarkets, Hanaro Mart, and online shopping malls nationwide until November 8^th. According to a ministry official, the forthcoming discounts are 20 to 30 percent bigger than last year and e-commerce firm Market Kurly is also discounting more than 160 Korean beef products by more than 50 percent through November 4^th.

Korea Offers Zero Percent Tariff TRQ for 18,000 Tons of Carrots
http://www.foodnews.co.kr/news/articleView.html?idxno=110444
Summary:  The Korean government announced on October 28 that it has decided to apply 0% tariff to 18,000 tons of carrots which are imported from October 29 to December 31. Additionally, the quota tariff period for napa cabbage and radish has been extended from November 1 to December 31.

The Cost of Making Kimchi Increases 20 Percent from Last Year
https://www.sedaily.com/NewsView/2DFRQPF3RP
Summary:  The cost of making kimchi this year will be about 20% higher than last year, as the prices of napa cabbage and radish, the main ingredients for kimchi, have risen more than 60% compared to last year. The Korea Price Research Center (KPRC) announced on October 30^th that it surveyed the prices of 15 items of kimchi ingredients from 17 major traditional markets nationwide and found that the cost of making kimchi for a family of four members this year amounted to 419,130 won, up 19.6% from a year ago. The retail price of napa cabbage averaged 7,050 won per head, up 61.1% from last year due to a decrease in production caused by this summer’s brutal heat wave. The prices of radish and water dropwort also increased 65.9% and 94.5%, respectively. On the other hand, the retail prices of green onions, ginger and red pepper powder, which are seasoning ingredients for kimchi, dropped 29.9%, 21.9%, and 7%, respectively, from a year ago. The KPRC said this was due to stable domestic supply and an increase in their imports.

Rising Ingredient Costs Hit Popular Ready-to-eat Meals
https://www.koreatimes.co.kr/www/tech/2024/10/419_385124.html
Summary:  According to major convenience franchises in Korea, once-popular convenience stores for affordable meal options amid rising restaurant meal prices, are now bringing reduced demand as ready-to-eat item prices rise due to increased costs. Many of the newly launched ready-to-eat meals at convenience franchises, such as CU, Emart24, GS25 and 7-Eleven, are priced between 6,000 won and 7,000 won. The price is relatively high as most consumers expect to pay below 5,000 won for a meal at any convenience store. Other meals including gimbap and triangular gimbap (samgak gimbap) at all four convenience store brands have also experienced price hikes. According to the producer price index released by the Bank of Korea in September, pork experienced the largest increase at 16.1%, followed by beef at 11.2%. Overall, livestock prices rose by 8.2%, agricultural products by 5.7%, and fishery products by 5.3%.

Cost Effective Dining Options - Buffet and Fast Foods - are Gaining Popularity
http://www.ujeil.com/news/articleView.html?idxno=356353
Summary:  According to data released by Pinda, a fintech company, sales of dining out in September amounted to 10 trillion and 639.6 billion KRW (about 7.77 billion USD), down 2.16% compared to the same period last year, and down 8.35% from August. Amid this downward trend, the buffet and fast food segments saw sales increase (by 23.78% and 6.39% respectively from the same period last year) while bars sales decreased by 6.74%. It is mainly due to people looking for cost-effective dining options such as buffet and fast foods during this sluggish economy situation. Buffets used to be considered pricy dining options for special occasions, but as overall dining prices have increased, buffets have become perceived as a cost-effective place where people can enjoy various foods including meals and dessert with coffee at once.

Banned Ingredients Found in Imported Health Functional Food
https://www.yonhapnewstv.co.kr/news/MYH20241030009700641?input=1825m
Summary:  A safety survey on imported products for brain function improvement, purchased through domestic and foreign online platforms, has revealed that several products contain ingredients that should not be used in dietary supplement. According to the Korea Consumer Agency (KCA) and the Ministry of Food and Drug Safety, 6 out of 19 imported brain-enhancing products contain medications for brain function, such as galantamine and vinpocetine, as well as noopet that should not be used in food. In addition, 13 among the products contain ceticoline, bacopa, and club moss, which are ingredients that are blocked from being imported into Korea. The KCA called to ban the sale of relevant products and urged consumers to check carefully before overseas direct purchase.