March 29, 2004

South Korea To Increase Corn, Soybean Imports

South Korea will import more corn and soybean this year as authorities look to ease domestic prices and raise the import quota to meet the World Trade Organization's requirements for greater market access.

Corn imports is estimated at 10 million tons this year, an increase of 4.3 million tons over the previous forecast.

Soybean import through the year will be nearly 60 percent higher at 295,000 tonnes, it said.                   

The ministry has raised imports of 14 items, which also include red beans, potato and wheat, by more than 80 percent from earlier planned levels, the news agency said. The items will be primarily for processed foods, it said.