Published : 2013-03-06 10:03
Updated : 2013-03-06 10:03
The first-ever shipment of beef from Chile arrived in South Korea last month, a government agency said Wednesday, raising expectations imports will likely grow steadily due to a bilateral free trade deal.
A 25.84-ton shipment of Chilean beef arrived here early last month, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.
South Korea and Chile implemented a bilateral free trade agreement in 2004, under which Seoul agreed to completely remove import taxes on up to 400 tons of Chilean beef per year.
With its first shipment, Chile became the world's sixth nation that exports beef to South Korea.
Currently, the United States is the largest exporter of beef to South Korea with over 21,000 tons already shipped to the country this year. Australia and New Zealand, respectively, are the next largest exporters of beef to South Korea.
Market watchers, however, said shipments from Chile will likely grow in the future.
"The biggest advantage of imported beef is its price," an observer said. "With the import duty exemption helping further lower prices, shipments (from Chile) will only increase in the future." (Yonhap News)