Vice Minister of Economy: "Emergency Tariff Quota of 10,000 Tons for Raw Meat and 4,000 Tons for Processed Egg Products"

Kim Beom-seok, Vice Minister of Strategy and Finance, is presiding over the 42nd Vice Ministerial Meeting on Prices held at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the 11th. Photo by Ministry of Strategy and Finance

The government will implement emergency tariff quotas on 10,000 tons of processed food raw meat (pork) and 4,000 tons of processed egg products starting from the 1st of next month.

Kim Beom-seok, the 1st Vice Minister of the Ministry of Economy and Finance, announced this on the 11th at the government complex in Jongno-gu, Seoul, during a price-related vice ministers' meeting. The meeting was convened to assess the impact of wildfire damage on agricultural product supply and to review the price stabilization measures by item.

According to Statistics Korea, consumer prices rose by 2.1% compared to a year ago last month, with processed foods driving the overall price increase. In the same month, processed food prices increased by 3.6% due to rises in raw materials, prices, exchange rates, and labor costs. This increase is the largest in 15 months since December 2023, when it was 4.2%.

Vice Minister Kim stated, "Although the recent upward trend in petroleum prices is easing, public concerns about the burden of perceived prices for agricultural, livestock, and fishery products, as well as processed foods, continue. The government, in cooperation with related ministries, will do its utmost to minimize the impact of wildfire damage on agricultural and livestock products and stabilize food prices."

The government will conduct a detailed investigation of the damage to agricultural and livestock products caused by the wildfires by the 15th and will prepare timely supply stabilization measures to minimize the impact on supply and demand. Since Andong and Cheongsong, where the wildfires occurred, are major apple-producing areas, support will be provided for farming techniques, pesticides, and nutrients to prevent instability in apple supply. If price volatility expands, measures such as agricultural product discounts will also be implemented.