In light of the Fipronil contamination found in eggs across Europe and parts of East Asia, Seven Seas Export conducted both independant and government sponsored tests of all our product samples with each of our suppliers.
We are happy to report that our tests came back negative for any contamination. In light of this, we received permission from the Korean Government to continue exporting products to Korea.
With Korean Thanksgiving right around the corner, demand has been at an all time high and we expect orders to accelerate through the end of Q4 of 2017.
Yesterday in South Korea, eggs from a farm east of Seoul was found to have contaminated with the harmful pesticide fipronil. The South Korean government has temporarily banned farms with over 3,000 hens from further producing eggs until further tests and inspections are carried out. Since last week, 19 countries including South Korea have been found to have contaminated eggs.
Seven Seas Export is currently working with all it's suppliers to test and confirm that our supply of products has not been exposed to the contamination. We will provide an update in the coming days with the results of the inspections.
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Seven Seas Export is pleased to hear that the government of South Korea has officially announced the extension of 0% tariffs on imported eggs. Since the Avian Influenza outbreak in November of last year, domestic egg prices have risen to unreasonable levels for domestic consumers. Another outbreak in June has stalled efforts for domestic egg farmers to recover from the initial influenza.
This extension will allow Seven Seas Export to continue exporting egg products to South Korea and help alleviate the egg crisis through the end of the year. We fully expect sales to pick up now that there is no uncertainty surrounding the tariffs.