R. O. Korea Temporarily Cuts Pork Import Duties

R. O. Korea's Ministry of Strategy & Finance claimed on Jan. 25, 2011 that, owing to domestically short supply and rising prices of pork from the foot-and-mouth disease, the State had decided to place a provisional quota tariff on 8 kinds of imports as frozen pork, set effective soonest from the end of January to the end of June 2011.

The quota tariff refer to a flexible tariff system by floating basic rates within 40 percentage points in a timeframe so as to achieve price stability and supply balance .

With this adjustment, frozen pork can be exempt from 25% import duty and be imported tax-free up to 60,000 tons including 10,000 tons of streaky pork.

Additionally, the tax-free imports also cover frozen mackerel, frozen walleye-pollack fillet (up to 2,000 tons), crude coffee bean, defatted milk powder (up to 8,000 tons), whole milk powder (up to 1,000 tons), laurinol lauryl alcohol, and soap raw materials.

And for concentrated orange juice, its import duty rate is down to 35% from 50% and its import quota is set to 9,000 tons.