August 24, 2012
South Korea applies zero duties on wheat, bean, corn imports
Following agricultural stockpiles expansion as part of efforts to contain agflationary pressure, the South Korean government has decided to apply zero duties on imported wheat, beans and corns.
The current basic tariff rates range from 1.8-3%. Korea depends heavily on imports for its grain and other major agricultural products.
The release price of beans imported by state trading will be fixed at KRW1,020 (US$0.9) and support grants for animal feed purchasers will be expanded from KRW60 billion-95 billion (US$53 million-84 million) next year, announced the Ministry for Food, Agriculture, Forestry and Fisheries (MIFAFF) Thursday (Aug 23).
The ministry will also expand compulsory stockpiles of imported beans to up to 95,000 tonnes, while reviewing a plan to deposit beans and corns overseas.
The ministry will mobilise similar measures to contain rising prices of other agricultural products.