2012-4-1

Korea Swine Association said Monday the South Korean government agreed to cut the import of pork belly without duties by 20,000 tons from originally planned 70,000 tons, and both will discuss to determine whether additional import will be necessary in the second half of this year to address supply shortage or a price surge.

The overnight agreement marked an end to the association’s threat to output suspension due today. Both also agreed to raise 100 billion won ($87.9 million) in the private sector to keep the output price of pork meat from falling below costs.