Source:  Richard Smith, MEATINGPLACE.COM, 5/3/11

South Korea will exempt 50,000 metric tons of chicken meat and 10,000 head of milk cows from import tariffs until the end of this year, Yonhap News Agency reported.

The South Korean Ministry of Finance and Strategy (MOSF) will also add seven other products, including milk cows, to the list of imports subject to temporary duty exemptions or reductions this year.

It is the latest in a series of government actions to ease recent price hikes of food and key materials by stabilizing supply through import tax reductions. The move also follows the ongoing government drive to ease mounting inflationary pressure. Prices of milk, chicken and pork meat, in particular, have been jumping in recent months due to the massive slaughter of livestock caused by the outbreaks of foot-and-mouth disease and avian influenza.

In a follow-up move, MOSF said that it will increase the amount of pork belly meat subject to zero duties from 60,000 metric tons to 80,000 metric tons by the end of June.

"We expect the latest move to reduce import tariffs will contribute to price stabilization for related products by expanding their supplies," MOSF said in a press release.

The government lowered or eliminated import taxes on a total of 108 products, MOSF said.

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