March 1, 2004

South Korea Announce Tariffs To Aid Livestock Industry
 
The South Korean Ministry of Finance and Economy (MOFE) announced the creation of additional quota tariff products, some tariff reductions and the enlargement of some inquota quantities. These changes are aimed at supporting of the domestic livestock and poultry industry hit by wide spread of bird flu in the price-hikes of feed, according to a U.S. Department of Agriculture Foreign Agriculture Service agricultural attache.
 
Details of the additional quota tariffs and in-quota quantities as follows:
 
- The in-quota quantity for wheat is expanded from 1.55 million MT to 2 million MT and Peas is also increased from 0.16 million MT to 0.45 million MT for this year.
 
- Two new quotas are established for rye for feed and palm kernel meal in the additional schedule. In-quota quantity and tariff for rye is set at 0.5 million MT, 1 % and palm kernel meal is set at 0.4 million MT, 2 % in 2004.
 
- A zero % in-quota tariff will be applied to wheat and manioc pellets, decreased from 1 %, 2 % respectively. The tariff on whey is lowered from 8 % to 5 %. These changes are valid for product declared at customs for the remainder of 2004.
 
Source: USDA