South Korea: Increase in soybean imports, serious violation of country of origin labeling
Soybean
South Korea
Published Aug 12, 2021
Tridge summary
Soybean imports increased for three consecutive years until last year. It seems that domestic soybean prices have continued to climb high in the aftermath of a decrease in production. However, imports have declined slightly this year. It is believed that this is because the supply and demand conditions at home and abroad have changed due to the prolonged 'novel coronavirus infection (COVID-19)'. According to the Korea Customs Service, imports of soybeans, excluding feed and seeds, totaled 1,328,166 tons last year. Following the 1,239,9796 tons in 2018 and 1,263,899 tons in 2019, it has decreased for three years. This amount includes edible beans imported through state-run trade, bean sprouts beans, and soybeans for oil extraction. The increase in imports is closely related to the relatively high domestic soybean prices. According to aT (Korea Agro-Fisheries & Food Trade Corporation), as of the 6th, the wholesale price per 1 kg of domestic white soybean product was 6560 won, up 30% from the previous year (5048 won). Last year, domestic soybean production was only 8926 tons. It decreased by 23.2% compared to the previous year (105,340 tons).
Original content
Soybean imports increased for three consecutive years until last year. It seems that domestic soybean prices have continued to climb high in the aftermath of a decrease in production. However, imports have declined slightly this year. It is believed that this is because the supply and demand conditions at home and abroad have changed due to the prolonged 'novel coronavirus infection (COVID-19)'. According to the Korea Customs Service, imports of soybeans, excluding feed and seeds, totaled 1,328,166 tons last year. Following the 1,239,9796 tons in 2018 and 1,263,899 tons in 2019, it has decreased for three years. This amount includes edible beans imported through state-run trade, bean sprouts beans, and soybeans for oil extraction. The increase in imports is closely related to the relatively high domestic soybean prices. According to aT (Korea Agro-Fisheries & Food Trade Corporation), as of the 6th, the wholesale price per 1 kg of domestic white soybean product was 6560 ...
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