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Follow on Google News | "South Korea Agribusiness Report Q3 2011" is now available at Fast Market ResearchFast Market Research recommends "South Korea Agribusiness Report Q3 2011" from Business Monitor International, now available
------------------------------------------------------------ Full Report Details at - http://www.fastmr.com/ ------------------------------------------------------------ Key Trends * Milk consumption growth to 2015: -3.25% to 1.63mn tonnes. This will come as consumers continue to switch to other milk products such as soy milk. Korea's low birth rate will contribute to weak demand for milk powder as the use of baby formula drops. * Wheat consumption growth to 2015: 16% to 5.18mn tonnes. This will be mainly due to feed wheat demand, which should increase towards the end of the forecast period when livestock production will expand. * Pork production growth to 2014/15: -16% to 927,000 tonnes. We expect that production will start to increase again towards the end of the forecast period once foot-and-mouth disease concerns are brought under control and farmers start to rebuild herds. * 2011 Real GDP Growth: 4% (down from 6.1% in 2010; predicted to average 4.4% from 2010 until 2015). * Central Bank Interest Rate: 3.5% in 2011 (up from 2.5% in 2010). Industry Developments According to the South Korean agriculture ministry, a total of 120 foot-and-mouth and 26 H5N1 avian influenza cases had been reported in the country by January 12. After an emergency cabinet met to address the situation which has caused alarm in the livestock industry and among consumers, the government pledged to increase vaccinations and import more vaccinations to curb the further spread of the contagious animal disease. By January, approximately 15% of the country's total 12.4mn cattle and swine herd had been culled, with roughly 3mn poultry slaughtered after the avian flu virus strain was detected. As a result of the large-scale slaughtering and market closures, wholesale prices of beef and pork have soared by 9% and 22% respectively from December's average prices, compounding the government's uphill battle against rising food prices. By February, the mass culling of approximately 20% of the country's total cattle and hog herd prompted the South Korean government to allow quota-free pork imports into the country from February 2011 until June 2011, down from the previous tariff of 25%. South Korea has lowered its pork import tariff of 25% down to zero for the next six months in a move to ensure sufficient domestic supplies following the culling of approximately 20% of the country's hog herd amid the country's worst foot-mouth disease outbreak since 2002. According to the Ministry of Agriculture, the tariff reduction will allow for an estimated 15-20% increase in pork imports for 2011, up from 179,500 tonnes in 2010. Most of the 2.2mn livestock being slaughtered are pigs. The South Korean government has embarked on three main programmes to ensure grain security for the country over the long term, largely prompted by higher food prices since Q410. Firstly, officials from the Ministry of Agriculture have announced plans to build a KRW200bn (US$180.2mn) Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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