Citrus Annual 2011

An Expert's View about Agriculture and Animal Husbandry in South Korea

Posted on: 30 Dec 2011

Total citrus production for MY 2011/12 is forecast at 645,000 metric tons

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/15/2011 GAIN Report Number: KS1149 Korea - Republic of Citrus Annual PS&D and Trade Update for MY 2011/12 Approved By: Michael G. Francom Prepared By: Sunyoung Choi / Gerald Smith Report Highlights: Total citrus production for MY 2011/12 is forecast at 645,000 metric tons (MT), which is higher than MY 2010/11 due to the alternate bearing cycle of citrus trees. A variety of government and industry programs have been introduced to reduce production in order to limit the downward price pressure resulting from this year‟s bumper crop. Production In MY 2011/12, total citrus production is forecast to increase to 645,000 MT due to the alternate bearing cycle of citrus trees. Korea‟s citrus production is predominantly made-up of Unshu (tangerine) oranges. Unshu orange production is forecast at 560,000 metric tons this year, up more than 80,000 metric tons, or 16 percent, from the previous year. While this year‟s overall citrus production was considered a bumper crop by industry standards, unshu orange production is slightly lower than the optimal production level of 580,000 metric tons. This optimal production level has been set to keep domestic prices in check using a variety of reduction programs. The Jeju government fallowed prime citrus area through a practice commonly referred to as „resting‟. From June 20 through July 20 2011, the Jeju Citrus Growers Cooperative and Jeju National Agricultural Cooperative Federation (NACF) conducted a voluntary biennial “rest year” program to remove all fruits from trees in an area totaling 1,179 hectares. Another aspect of the reduction program is tree thinning. The Jeju government doubled its tree thinning area from last year to 1,200 hectares in 2011. Additionally, some of the marginal citrus farms were taken completely out of production. In MY 2011/12, the acreage for open field-grown Unshu oranges is forecast to stay relatively unchanged at 20,590 hectares. The Jeju government is drawing on the Free Trade Agreement (FTA) transition fund to support the construction of tangerine facilities (e.g. packinghouses and greenhouses), which has prompted some open field tangerine growers to shift towards late varieties and winter Unshu oranges that are grown in green houses. Additionally, growers are also switching because late varieties are currently command higher retail prices. This small, but growing trend towards later varieties is evident in the recent production figures. The annual production of late varieties has increased by 55 percent over the past 4 years reaching 42,800 metric tons in 2010. Late-season varieties‟ production acreage also increased by14 percent or 1,700 hectares during the same period. In addition, monitoring conducted by the Korea Rural Economic Institute (KREI) shows that the producing areas for late varieties are forecast to increase by 6.5 percent in 2012. Greenhouse Production In MY 2011/12, total production of greenhouse citrus is recorded at 18,443 metric tons, down 15 percent from the previous season due to reduced acreage. Some farmers are shifting to late varieties due to increased production costs from higher oil prices. In order to save on costs, these same farmers are also looking to produce late varieties in greenhouses without heating, which has in turn led to a decline in the total acreage of electric-heated greenhouse production. FTA Transition Fund The Jeju government requested 22.8 billion won (US$ 19.8 million) of FTA transition funding for 2012, which is 38 percent (6.2 billion won) more than last year. MIFAFF is expected to provide the funding, which is used to improve crop quality and build infrastructure, such as packing houses and greenhouses. Marketing Orders The Jeju government will not request marketing orders this year because the MY 2011/12 Unshu orange production is forecast at 560,000 metric tons, which is lower than the optimal production level of 580,000 metric tons. Generally, a marketing order is implemented when the total citrus production is over the optimal level of 580,000 tons, which is intended to stabilize market prices. The aim of marketing orders is also to remove small, oversized, and inferior fruit from the commercial supply chain. Check-off Program Jeju continues to use its citrus check-off program in MY 2011/12. The program funding for 2012 is 2.5 billion won ($ 2.2 million), which is 0.5 billion won higher than in 2010. The central government provides half of the funding. The remainder is collected through a check-off fee of 0.5 percent for all fruit sold through auctions as well as funds collected from individual producer groups. Check-off funds are used mainly for supporting marketing activities and foreign market development. Exports The Jeju government has an export target of 7,000 metric tons of Unshu oranges for MY 2011/12. The target is relatively ambitious compared to the 1,660 metric tons, which was recorded the previous year. In the short term, the prospects of exporting Unshu are not promising because domestic prices remain high. The export markets targeted are Russia, Canada, United States, and South East Asian countries. Imports In MY 2011/12, fresh orange imports are expected to hold relatively steady at 145,000 metric tons since higher-priced local fruit, like apples and pears, remains in short supply. Imports of fresh oranges from January through October 2011 were 138,779 metric tons, a 31 percent increase from the previous year. During this period, over 96 percent of all fresh orange imports, totaling 133,524 tons, originated from the United States and the remainder from Chile, South Africa and Australia. In 2012, the U.S. fresh oranges will continue to dominate the Korean market due to the familiarity and quality of the product and the forthcoming reduction of tariffs rates under the KOR-US FTA. Historically, about 95 percent of imported fresh oranges are Navel, while Valencia oranges account for just 5 percent of the overall market share in Korea. However, the import volume for Valencia is expected to increase under the KOR-US FTA due to new market opportunities for fresh squeezed juice products. Upon implementation of the KOR-US FTA, an estimated 70 percent of current U.S. orange trade with Korea will be subject to lower tariffs immediately. On “out-of-season” product entering during the March 1-August 31 period, Korea‟s 50-percent tariff will immediately be reduced to 30 percent, and will then be reduced to zero in six equal annual installments. An initial duty-free tariff-rate quota (TRQ) of 2,500 metric tons will apply for orange imports from the United States during Korea‟s “in-season” period of September 1 through the end of February. In-season imports above the TRQ volume will continue at the current most-favored-nation rate of 50 percent. Out-of-Season Oranges Tariff Phase-Out (Mar – Aug ) H S-10 Base Year Year Year Year Year Year SK H D Year2 escription Rate (%) 1 3 4 5 6 7 0805100000 Oranges 50 30 25 20 15 10 5 0 In-Season Orange TRQ (Sep-Feb) Year Year Year Year Year Year 6 1 2 3 4 5 TRQ Grows at a compound 3% annual Volumes 2,500 2,575 2,652 2,732 2,814 rate in perpetuity Frozen Concentrated Orange Juice (FCOJ) Market Situation FCOJ imports for MY 2011/12 are expected to reach 29,000 metric tons since the domestic orange juice market is quite mature and there is strong competition from other types of beverages such as coffee and health functional drinks. However, FCOJ imports from the United States are expected to increase under the KOR-US FTA with the immediate removal of the 54 percent current tariff once the agreement is implemented. Brazil is still the largest supplier of FCOJ to Korea accounting for about 68 percent, followed by the United States with 20 percent of the total market share by volume in MY 2010/11. In MY 2012/13 U.S. FCOJ in will account for 60 percent of the market KORUS FTA. In MY 2011/12, local production of tangerine concentrate is projected to increase due to a recent bumper crop. The three major tangerine concentrate producers in Jeju are projected to use about 110,000 metric tons of Unshu oranges in MY 2011/12, which is about 36 percent higher in volume terms from the previous year. Growers are being paid 140 won per kilogram for tangerine used for processing, which is 20 won higher than the previous year. Export Requirements: Please refer to the APHIS Export Requirements for Korea to learn about the requirements for shipping fresh oranges to Korea. For more information, please contact the U.S. Agricultural Trade Office, U.S. Embassy Seoul, Korea, at atoseoul@fas.usda.gov, Tel: 82-2-397-4188, Fax: 82-2-720-7921, or visit www.atoseoul.com Production, Supply and Demand Data Statistics PS&D for Tangerines Tangerines/Mandarins, Fresh Korea, Republic of 2009/2010 2010/2011 2011/2012 Market Year Begin: Oct 2009 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 USDA Official New Post USDA Official New Post USDA Official New Post Area Planted 20,906 20,906 20,900 20,732 20,590 Area Harvested 19,652 19,652 19,646 19,488 19,355 Bearing Trees 24,565 24,565 24,558 24,360 24,193 Non-Bearing Trees 6,794 6,794 6,792 6,738 6,692 Total No. Of Trees 31,359 31,359 31,350 31,098 30,885 Production 740 740 610 565 645 Imports 0 0 0 0 0 Total Supply 740 740 610 565 645 Exports 3 4 2 2 3 Fresh Dom. Consumption 613 612 523 482 532 For Processing 124 124 85 81 110 Total Distribution 740 740 610 565 645 HECTARES, 1000 TREES, 1000 MT PS&D for Oranges Oranges, Fresh Korea, Republic of 2009/2010 2010/2011 2011/2012 Market Year Begin: Oct 2009 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 USDA Official New Post USDA Official New Post USDA Official New Post Area Planted 0 0 0 0 0 Area Harvested 0 0 0 0 0 Bearing Trees 0 0 0 0 0 Non-Bearing Trees 0 0 0 0 0 Total No. Of Trees 0 0 0 0 0 Production 0 0 0 0 0 Imports 108 108 140 142 145 Total Supply 108 108 140 142 145 Exports 0 0 0 0 0 Fresh Dom. Consumption 108 108 140 142 145 For Processing 0 0 0 0 0 Total Distribution 108 108 140 142 145 HECTARES, 1000 TREES, 1000 MT PS&D for Frozen Concentrated Orange Juice (FCOJ) Orange Juice Korea, Republic of 2009/2010 2010/2011 2011/2012 Market Year Begin: Oct 2009 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 USDA Official New Post USDA Official New Post USDA Official New Post Deliv. To Processors 123,551 123,551 85,000 81,117 110,000 Beginning Stocks 1,825 1,825 2,081 2,081 2,077 Production 9,884 9,884 6,800 6,494 8,800 Imports 25,747 25,747 24,000 28,802 29,000 Total Supply 37,456 37,456 32,881 37,377 39,877 Exports 1,134 1,134 1,050 530 1,000 Domestic Consumption 34,241 34,241 30,004 34,770 36,717 Ending Stocks 2,081 2,081 1,827 2,077 2,160 Total Distribution 37,456 37,456 32,881 37,377 39,877 MT Production Korea: Citrus Production Situation 1/ Year Area (HA) Production (MT) Farm Household Gross Income (Mil.won) 2001 25,408 646,023 36,580 361,667 2002 25,207 788,679 35,078 316,494 2003 24,560 645,587 33,957 459,700 2004 22,048 595,591 31,233 610,400 2005 21,430 661,992 30,659 600,639 2006 21,382 631,324 30,747 660,288 2007 20,965 747,376 31,005 431,883 2008 20,937 592,160 31,027 631,325 2009 20,898 741,014 31,200 601,113 2010 20,747 568,478 30,905 668,482 2011 20,612 645,000 N/A N/A 1/ Calendar year basis including greenhouse 2/ Preliminary Source: Jeju Provincial Government & Korea Rural Economic Institute Korea: Citrus Utilization (Unit: MT) Year Total Fresh Processing Other 1/ 2002 788,679 531,081 112,359 145,239 2/ 2003 645,587 477,523 120,333 47,731 3/ 2004 595,591 415,338 100,517 79,736 3/ 2005 661,992 491,260 125,343 45,389 3/ 2006 631,324 450,087 109,496 71,747 3/ 2007 747,376 513,746 138,782 94,948 3/ 2008 592,160 427,669 88,664 75,827 3/ 2009 741,014 519,423 123,551 98,040 3/ 2010 568,478 385,456 81,117 101,905 4/ 1/ Other - composed of self consumption, loss and discarded citrus 2/ Other – including exports and military consumption 3/ Other – including exports, military consumption, North Korea Aid, and consumption within Jeju island 4/ Other – including exports, military consumption and consumption within Jeju island Source: Jeju Provincial Government Korea: Citrus Summer Greenhouse Production Situation Year Area (HA) Production (MT) Gross Income (Mil. Won) Ho usehold Price (Won/Kg) 2002 516 27,046 64,639 1,573 2,390 2003 462 26,620 73,644 1,422 2,767 2004 430 25,903 68,604 1,323 2,648 2005 409 23,751 65,905 1,227 2,775 2006 352 20,341 63,202 1,051 3,107 2007 359 22,895 78,013 1,048 3,407 2008 313 22,356 71,941 954 3,218 304 22,636 72,445 912 3,200 2009 312 21,602 74,507 929 3,449 2010 297 18,443 N/A N/A N/A 2011 1/ 1/ Preliminary Source: Jeju Provincial Government & Korea Rural Economic Institute Korea: Purchasing Price of Processing Tangerine Oranges (Korean Won/kg) Year Price 2003 100 2004 100 2005 100 2006 100 2007 80 2008 80 2009 80 2010 120 2011 140 Source: Jeju Citrus Grower‟s Cooperative Korea: Citrus Production as Ratio to Total Fruit Production (Unit: 1,000 MT, Ratio: Percent) Year Total Fruits Citrus Ratio 2000 2,249 564 23.0 2001 2,284 646 28.0 2002 2,418 789 32.0 2003 2,275 632 27.0 2004 2,411 584 24.0 2005 2,593 638 24.0 2006 2,504 620 24.0 2007 2,750 777 28.0 2008 2,698 636 23.6 2,881 753 26.1 2009 2,489 615 24.7 2010 Source: Korea Statistical Information Service Korea: Total Fruits and Citrus Per Capita Consumption Year Total Fruits Total Citrus 1/ Local Citrus Only 2002 58.8 Kg 15.5 Kg 13.3 Kg 2003 55.8 Kg 16.0 Kg 13.0 Kg 2004 58.8 Kg 15.2 Kg 12.0 Kg 2005 62.6 Kg 15.7 Kg 13.1 Kg 2006 62.2 Kg 15.2 Kg 12.7 Kg 2007 67.9 Kg N/A 16.0 Kg N/A 2008 65.5 Kg 13.0 Kg 2009 67.7 Kg N/A 15.4 Kg 2010 58 Kg N/A 12.6 Kg 1/ Including imported oranges Source: Ministry for Food, Agriculture, Forestry, and Fisheries Trade Related Statistics Korea: Import Quota and Tariff for Fresh Orange (Unit: MT, %) Year Quota In-quota Tariff Out-quota Tariff 2004 57,020 50 50 2009 N/A 50 50 2010 N/A 50 50 2011 N/A 50 50 2012 N/A 50 50 Korea: Import Quota and Tariff for Other Citrus (Unit: MT, %) Year Quota In-quota Tariff Out-quota Tariff 2004 2,097 50 144 2009 2,097 50 144 2010 2,097 50 144 2011 2,097 50 144 2012 2,097 50 144 1/ HS 0805.20.1000, HS 0805.20.9000, HS 0805.90.0000 Korea: Monthly Orange Imports (Unit: MT) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7,005 17,580 45,113 43,219 14,679 2,622 2,467 2,007 2,158 1,928 - - „11 4,854 9,083 29,267 39,841 14,309 3,201 976 1,061 2,252 1,314 1,166 2,734 „10 2,481 6,576 17,739 26,473 9,541 1,232 164 889 2,486 1751 85 1,804 „09 9,266 14,334 34,660 30,565 8,416 1,974 1,438 1,067 2,281 2,593 218 1,075 „08 Source: Korea Customs Service & Korea International Trade Association Import Trade Matrix for Oranges Country: Korea Commodity: Orange (HS 0805.10) Unit: MT & U$1,000 Imports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U.S. 103,489 122,525 136,498 162,929 Others South Africa 2,139 2,090 1,594 1,701 Australia 0 0 563 826 Spain 260 273 292 311 Chile 2,593 3,455 3,099 4,311 Other 0 0 18 22 T 92 5,818 5,566 7,171 otal for O 4,9thers Grand Total 108,481 128,343 142,064 170,100 Source: Korea International Trade Association Import Trade Matrix for Lemons Country: Korea Commodity: Lemon (0805.50.10) Unit: MT & U$1,000 Imports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U. 4,742 6,327 5,967 8,364 S. O thers C 941 1,272 814 1171 hile T 941 1,272 814 1171 otal for Others G 5,683 7,599 6,781 9,535 rand Total Source: Korea International Trade Association Import Trade Matrix for Grapefruits Country: Korea Commodity: Grapefruit (0805.40) Unit: MT & U$1,000 Imports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U. 6,178 7,271 8,383 10,195 S. Others 724 782 610 968 Israel 0 0 0 0 India T 724 782 610 968 otal for Others G 6,902 8,053 8,993 11,163 rand Total Source: Korea International Trade Association Export Trade Matrix for Korean Tangerines Country: Korea Commodity: Tangerine (HS 0805.20.10/20/90) Unit: MT & U$1,000 Exports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U. 10 13 11 16 S. O thers R 1,478 1,396 1,162 890 ussia C 827 960 157 150 anada 11 68 12 80 Japan Ho 54 12 15 ng Ko 45ng Gu 20 62 88 am 83 2 93 104 31 42 Indonesia Ma 17 20 16 17 laysia Vietn am 21 19 0 0 Mo 44 31 21 25 ngolia 63 108 22 31 Singapore Oth 156 143 171 231 ers T 3,838 3,123 1,666 1,569 otal for Others G 3,136 1,677 1,585 rand T 3,848otal Source: Korea International Trade Association Import Trade Matrix for FOJC Country: Korea Commodity: FOJC (2009.11/12/19) Unit: MT & U$1,000 Imports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U. 5,047 11,892 5,693 16,215 S. O thers B 18,148 23,603 19,486 42,213 razil Au 384 556 532 864 stralia 1,239 1,788 2,061 3,825 Israel Neth 283 140 0 0 erlands C 22 65 34 106 anada U.K. 55 108 72 166 T 233 700 275 1,104 aiwan 7 9 19 40 Italy Oth 329 1,320 630 2,267 er T 20,700 28,289 23,109 50,585 otal for Others G 25,747 40,181 28,802 66,800 rand Total Source: Korea International Trade Association Export Trade Matrix for FOJC Country: Korea Commodity: FOJC (2009.11/12/19) Unit: MT & U$1,000 Exports for MY 2009/10 MY 2010/11 (Oct. 09 – Sep. 10) (Oct. 10 – Sep. 11) Country Vol Val Vol Val U. 5 4 0 0 S. O thers 217 265 173 234 Japan 638 496 0 0 Indonesia 0 0 0 0 Israel PRC 117 155 166 268 UAE 0 0 101 90 83 70 49 46 Singapore Ho 2 3 3 4 ng Kong Om 0 0 0 0 an Qata 0 0 0 0 r Mo 3 2 12 9 ngolia Oth 69 115 26 57 er T 1,129 1,106 530 708 otal for Others G 1,134 1,110 530 708 rand Total Source: Korea International Trade Association Korea: Monthly Average Foreign Exchange Rate (Unit: Korean Won/1U$) Month 2009 2010 2011 January 1346.10 1138.82 1120.07 February 1429.46 1157.08 1118.14 March 1461.98 1137.64 1122.45 April 1341.90 1117.11 1086.84 May 1258.71 1163.11 1083.54 June 1261.35 1212.33 1081.27 July 1263.97 1207.30 1059.50 August 1238.40 1179.92 1073.17 September 1219.15 1167.01 1118.61 October 1175.25 1123.45 1155.45 November 1164.23 1126.20 - December 1166.45 1147.55 - Source: Korea Industrial Bank Price Tables Korea: Average Wholesale Auction Prices for Regular Unshu (tangerines) (Unit: Korean Won per 15 Kilogram) High Quality Medium Quality Month 2010 2011 2010 2011 Jan. 21,070 28,714 16,380 23,819 Feb. 21,411 23,000 16,968 18,353 Mar. 25,282 22,018 20,035 17,460 April - September: N/A Oct. - 26,533 - 21,333 No 22,809 24,782 17,873 19,673 v. Dec 26,643 - 21,704 - . 1/ November 8 spot price Source: Agricultural & Fishery Marketing Corporation Korea: Average Wholesale Prices for Greenhouse Tangerine, Nationwide (Unit: Korean Won per Kilogram) Month 2010 2011 Ma 6,932 6,988 y 5,258 6,384 Jun. 5,222 4,558 Jul. Au 4,487 3,719 g. 4,522 3,791 Sep. Oct. 3,337 3,559 No 1,860 2,040 1/ v. 1/ November 8 spot price Source: Jeju Special Self-Governing Province Citrus Marketing & Shipping Association Korea: Average Retail Prices for Regular Unshu (tangerines), Nationwide (Unit: Korean Won per 10 Fruits, Approximately 100 gram per fruit) Yea r % Changes to the previous year M 2009 2010 2011 onth 38 Jan 2,504 1,962 2,715 2,572 2,131 2,839 33 Feb Mar 12 2,987 2,573 2,870 Oct N/A 2,555 - 2,877 No -6 v 1,966 2,832 2,655 Dec 1,715 2,679 - - Source: Agricultural & Fishery Marketing Corporation Korea: Average Retail Prices for Imported Oranges, Nationwide (Unit: Korean Won per 10 Fruits) Year 2009 2010 2010 % Changes to the previous year Month 11 Jan 9,497 9,515 10,550 12 Feb 9,345 8,367 9,380 Mar 10 10,063 8,445 9,268 A 5 pr 10,179 8,854 9,311 Ma -10 y 10,768 9,695 8,759 -9 Jun 9,369 10,454 9,554 4 Jul 9,858 8,945 9,318 Au N/A g 10,505 9,851 - -2 Sep 10,186 10,596 10,424 Oct -2 10,156 11,465 11,284 No 1 v 9,183 11,472 11,542 Dec - 9,420 9,928 - Prices for high quality Source: Agricultural & Fishery Marketing Corporation Korea: Average Wholesale Prices for Imported Oranges (Unit: Korean Won per 18 Kilogram box) High Quality Medium Quality Month 2010 2011 2010 2011 Jan. 48,520 53,505 43,440 47,514 Feb. 46,600 51,706 41,779 46,412 Mar. 47,936 51,461 43,236 45,602 Apr. 48,500 50,267 44,218 44,522 May 52,147 48,433 47,716 43,213 Jun. 52,714 49,773 48,276 44,470 Jul. 51,600 - 47,155 - Aug. 51,855 - 47,182 - Sep. 54,053 57,200 47,958 52,800 Oct. 55,429 57,370 49,299 52,400 Nov. 56,818 58,173 50,400 52,900 Dec. 56,983 - - Source: Agricultural & Fishery Marketing Corporation Korea: Wholesale Prices for Domestic & Imported Navel (Unit: Korean Won per Kilogram) Imported Navel 1/ Korean Orange 2/ Month 2010 2011 2010 2011 2,326 2,973 6,018 7,472 Jan. 2,163 2,873 6,086 6,731 Feb. Ma 2,661 2,859 5,835 7,288 r. A 2,537 2,793 6,293 8,042 pr. Ma 2,829 2,691 6,748 7,695 y 2,687 2,765 - - Jun. 1/ High quality navel oranges 2/ Hallabong variety Source: Garak Wholesale Market Korea: Average Auction Prices for Imported Lemon (Unit: Korean Won per 18 Kilograms Box) High Quality Month 2009 2010 2011 51,841 40,417 - Jan. 44,979 40,886 45,643 Feb. Ma 47,654 44,444 45,019 r. A 43,962 45,096 40,625 pr. Ma 44,654 46,731 43,327 y 44,904 49,327 49,440 Jun. 42,778 46,944 49,375 Jul. Au 42,038 41,385 47,574 g. 37,115 39,526 48,739 Sep. Oct. 40,600 47,983 49,038 No 38,820 - 49,000 v. Dec. 38,778 53,200 - Source: Garak Wholesale Market Korea: Average Auction Prices for Imported Grapefruit (Unit: Korean Won per 18 Kilograms Box) High Quality Month 2009 2010 2011 41,182 37,854 41,000 Jan. 40,667 37,114 37,375 Feb. Ma 46,894 37,426 38,375 r. A 46,308 38,923 38,375 pr. Ma 42,538 39,635 40,857 y 41,308 38,942 27,778 Jun. 41,444 36,444 35,833 Jul. Au 42,038 34,587 32,833 g. 40,038 34,868 - Sep. Oct. 34,280 43,667 - No 46,320 50,400 - v. Dec. 40,593 44,429 - Source: Garak Wholesale Market
Posted: 30 December 2011

See more from Agriculture and Animal Husbandry in South Korea

Expert Views    
Livestock and Products Annual 2012   By Foreign Agricultural Service
Grain and Feed Annual   By Foreign Agricultural Service
Biotechnology Annual Report 2011   By Foreign Agricultural Service
Hot Tips    
Agricultural Sectors of South Korea   By U.S. Commercial Service South Korea
Latest News    
Measures to Increase Pork Belly Imports   By Foreign Agricultural Service