EU pork entering Korea market as tariffs ease

EU pork imports are increasing in the Korean market as the country's retailers take advantage of the temporary reduction in pork tariffs implemented by the Korean government to alleviate a chronic shortage of pork bellies.
The recent implementation of the Korea-European Union free trade agreement has also provided incentive for the increased imports, according to reports. Korea's pork prices spiked after the country experienced a shortage due to an outbreak of hoof-and-mouth disease; cheaper imports have helped to offset those costs. The market share of pork bellies, which are very popular in Korea, have seen an 880% increase over last year, according to local retailers. Overall, said the Korea Meat Trade Association, 75,709 tons of pork belly was imported in the first half of 2011, a 32.5% rise from the same period in 2010.