Korean move good news to US pork producers
Western Farmer-Stockman | 13 August 2009
Korean Move Good News to Pork Producers
Decision may help push forward Korean Free Trade Agreement.
By: Compiled by staff
It may be an understatement to say the national Pork Producers Council is happy with the decision of Korea to inspect only a sample of U.S. pork exports rather than 100% of them and to lift a ban on live hog imports from the United States. The restrictions were put in place in the wake of the H1N1 flu outbreak.
NPPC President Don Butler called South Korea’s decision good news for U.S. pork producers. NPPC has been working closely with U.S. and foreign government officials to terminate all remaining H1N1 restrictions on U.S. hog and pork exports. In 2008 South Korea was the sixth largest market for U.S. pork, with exports valued at $284 million. In 2009 exports to Korea through May were down 10% by volume and 7% in value. Breeding stock exports to South Korea also are down in 2009.
NPPC says Korea’s decision to lift the restrictions will reignite enthusiasm for the U.S.-Korea Free Trade Agreement, which contains tremendous benefits for U.S. pork producers. According to Iowa State University economist Dermot Hayes, when the FTA is fully implemented, U.S. pork exports to the Asian nation will rise to nearly 600,000 thousand metric tons. Hayes estimates the FTA will increase by $10 the price U.S. producers receive for each hog marketed.
