What will be the end of the quota tariff that has continued for three years in South Korea

Published 2024년 1월 5일

Tridge summary

The chicken self-sufficiency rate in South Korea dropped from 82.8% in 2022 to 76.9% in 2023, putting the government's 2027 target of 82.4% in jeopardy. This decline has been attributed to the government's tariff quota policy, which has led to a rapid increase in chicken imports and raised questions about price stability. Industry officials argue that diverting the budget spent on tariff quotas to support local farms and industries would be a more effective way to protect food security and stabilize prices.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

[Korea Farmers and Fishermen Newspaper Reporter Kim Gyeong-wook] Last year’s provisional figure was 76.9%. For the first time, it collapsed by 80%. Government is in danger of achieving its target of 82.4% Due to the excessive quota tariff policy that has continued for three years, the chicken self-sufficiency rate has reached an all-time low. Last year, the 80% level fell for the first time, putting a red light on the government's 82.4% chicken self-sufficiency target for 2027. The chicken self-sufficiency rate in 2023, tentatively calculated by the Agricultural Observation Center of the Korea Rural Economic Institute, was 76.9%. The chicken self-sufficiency rate has never fallen below 80% for 12 years, starting at 83.4% in 2010. Looking at the 2020s, it peaked at 88.1% in 2020, then went downhill to 87.0% in 2021, 82.8% in 2022, and eventually plummeted to 76.9% last year. This is exactly in line with the government's history of promoting tariff quotas. The government ...
Source: Agrinet

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