"South Korea Agribusiness Report Q1 2015" Published
Recently published research from Business Monitor International, "South Korea Agribusiness Report Q1 2015", is now available at Fast Market Research
[USPRwire, Tue Jan 06 2015] We believe that any significant changes in the Korean agricultural industry will be mostly public sector-led due to the strong unions behind the industry. Given the widespread changes which the government has been pursuing, we are optimistic about the long-term prospects of South Korea's agricultural sector. Our view is based on the decision to gradually remove barriers to trade such as the KORUS FTA and the recently-inked FTA with China and move up the value chain especially to support its growing food exporting industry. Indeed, we believe that the growing demand for exports from Korea s hould boost domestic agricultural production. Government-led efforts such as the expansion of education and financial support for farmers to allow them entry into the food processing business, plans to modernise the traditional methods of food production, as well as creating new agricultural food districts for exporters and introduc ing state designation of food exporting companies, will benefit the industry over the longer term and help it to remain relevant to the South Korean economy.
* Rice production to 2018: decline of 2.6 % to 3.9mn tonnes. Owing to the government's reduction programme. Specifically, under the Rice Income Compensation Act, rice farmers are provided a subsidy of KRW800,000 (USD731) per hectare to plant other crops on their land in 2014. This subsidy will be raised to KRW1mn in 2015. The ultimate aim is to reduce South Korean rice production to approximately 200,000 tonnes per year. Given the significant decline in production, an adjacent decline in consumption and only moderate stocks mean the country is unlikely to remain self-sufficient over the long term.
* Poultry production growth to 2017/18: 38 .0% to 952,000 tonnes. This will largely be driven by increasing consumption demands and economies of scale in the industry. That said, poultry production growth will not prevent South Korea from relying increasingly...
The South Korea Agribusiness Report features Business Monitor International (BMI)'s market assessment and independent forecasts for production, consumption and trade across core agricultural commodities.
BMI's South Korea Agribusiness Report includes independent commodity price forecasting and analysis for key agricultural outputs, an overview of the agribusiness competitive landscape and a discussion of the downstream context of agricultural production in relation to country food consumption forecasts and composite food and beverage trade forecasts.
Key Benefits
* Use BMI's independent industry forecasts to test other views - a key input for successful planning in dynamic agribusiness markets.
* Apply BMI's medium-term commodity price analysis to assist with budgetary planning and the identification of investment opportunities and potential risks.
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