July 13, 2022

South Korea adds beef, chicken, and pork belly to tariff-free import items

South Korea's Ministry of Economy and Finance announced 27 industry and food items will be added to tariff-free import items, including beef, chicken, and pork belly, as the country aims to counter rising inflation, the Indo-Asian News Service reported.

100,000 tonnes of beef, 82,500 tonnes of chicken, and 30,000 tonnes of pork belly  will be exempt from tariffs.

Earlier this year, the government eliminated import taxes on 26 significant industrial and food products, including cooking oil, pork, and liquified natural gas (LNG).

Due to ongoing disruptions in the world's supply chains and lingering geopolitical risks in Europe, the country's headline inflation increased this year, which coincided with the expansion of zero-tariff imports.

Consumer prices in South Korea increased 6% in June from a year earlier, which was the fastest growth in nearly 24 years.

-      Indo-Asian News Service reported