South Korea: Poultry and Products Annual
In Marketing Year (MY) 2016, chicken production is forecast to increase slightly by two percent to 848,000 MT from 832,000 MT in MY 2015, due to higher parent stock (PS) and broiler inventories throughout MY 2015, and expected increased demand during the summer 2016 Olympic Games. Chicken imports are projected to increase slightly to 110,000 MT in MY 2015. Competition among domestic producers for increased market share has reduced farm prices and presents obstacles to the local industry. Brazil is expected to be the major supplier of frozen chicken to this market in MY 2016, due to suspension of U.S. chicken imports resulting from the HPAI outbreak in the United States. Increased unit prices due to the weakened Korean won versus the U.S. dollar, and lower farm prices for domestic chicken, are expected to dampen demand for imported chicken.
