Korean cattle market quiet

KOREA - Exporters reported a very quiet trading week with little buyer interest. Factors impacting upon sales include the very high prices and slower than anticipated sales at retail.
calendar icon 25 January 2007
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Reports in the media that Korean beef prices are the highest in the world have also frustrated consumers. The period just prior to the Lunar New Year is typically a quieter time for export sales as importers finalise buying and wholesalers prepare product for New Year period sales.

Negotiators wrapped up the sixth round of the Korea–US free trade agreement (FTA) last week, with both sides reporting progress. According to Yonhap News, local media has reported that a meeting to discuss beef trade issues will take place early next month, before the commencement of the seventh round of talks.

The FTA talks have been underway for eight months and the US has reiterated that although the FTA and the beef issues are separate, no agreement will be approved by congress unless Korea fully opens its beef market to the US.

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