Packaged chicken is displayed at a supermarket in Seoul on May 30, 2023. (Yonhap)
SEOUL, June 30 (Korea Bizwire) — South Korea’s finance ministry said Friday the country will remove tariffs on chicken in line with efforts to ease the financial burden of households amid prolonged inflation.
Under the measure that will be implemented on Saturday, the country will lift tariffs on 30,000 tons of chicken until the end of this year, according to the Ministry of Economy and Finance.
Currently, tariffs on imported chicken stand at around 20 to 30 percent.
“In order to minimize the impact on local poultry farms, we plan to adjust the timeline and the volume, depending on the domestic supply and inventory of imported products,” it added.
The ministry added the move is aimed at securing chicken in advance amid concerns that the global prices may rise following an outbreak of avian flu in Brazil.
The decision also came as the demand for chicken normally rises during the summer season, as many South Koreans enjoy meals like Samgyetang, a traditional chicken soup considered an energy-boosting meal.
The price tag on a kilogram of chicken came to 6,563 won (US$4.97) as of mid-June, up around 15 percent from a year earlier, the ministry data showed.
(Yonhap)
