February 1, 2011

Canada gains from South Korea's tariff decision

Canada is expected to benefit from South Korea's decision to temporarily remove a 25% tariff on imported pork, as the Asian country deals with an unsteady supply of pork due to the Foot-and-Mouth (FMD) outbreaks.

Martin Rice, executive director with the Canadian Pork Council stated that "The temporary removal of the tariff on pork by South Korea will create a vacuum for all major shippers of pork, including Canada."

Reports state that with FMD, which started to become rife in the country, shipments of Canadian pork to South Korea increased to more than 5,000 tonnes during the months of October and November.

Canada's pork to South Korea before October 2010 was approximately 2,500 to 4,500 tonnes. But in the midst of the outbreak, the number increased to about 5,000 tonnes in the last two months of last year.

Canada sees South Korea as a good market for its meat; taking into account that economy in the Asian country still appears to be on the increase, while consumers in South Korea have been eager to purchase pork.

Rice further added that despite vaccinating of animals in South Korea, the hog industry in the country following the outbreak, could take some time to bounce back.