FINANCE

S. Korea to remove import duties on eggs this week amid supply shortage

By Yonhap
  • Published : Jan 26, 2021 - 10:04
  • Updated : Jan 26, 2021 - 10:04

Eggs are displayed at a supermarket in central Seoul on Jan. 17, 2021. (Yonhap)
South Korea said Tuesday it will temporarily remove tariffs on imported egg products this week in an effort to ease a supply shortage caused by the outbreak of bird flu here.

The Cabinet approved a revised regulation that will allow local firms to import a total of 50,000 tons of fresh eggs and seven other types of egg products without tariffs until June 30. The move will be effective starting Wednesday.

Currently, duties of 8-30 percent are levied on imported egg products.

The move came as the country seeks to resolve a supply shortage of eggs amid the spread of the highly contagious H5N8 strain of avian influenza. The outbreak of bird flu has ravaged chicken farms across the nation since November.

The planned imports of eggs are meant to stabilize egg prices ahead of the Lunar New Year's holiday, which runs from Feb. 11 to 13. Consumer prices of eggs recently shot up 26 percent compared with an average year.

The finance ministry said it will decide whether to extend the tariff removal measure, depending on the supply and demand situation.

In 2017, South Korea temporarily lifted tariffs on egg products following its worst outbreak of bird flu. (Yonhap)