Korean Market Overview U.S.–Korea Free Trade Agreement
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Transcript of Korean Market Overview U.S.–Korea Free Trade Agreement
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Korean Market Overview U.S.–Korea
Free Trade Agreement
Agricultural Trade OfficeSeoul, Korea
November 2011
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What makes Korea a good market
• 13th largest economy• 5th largest import market• 49 million consumers• $20,759 per capita income• Growing economy: 6.2 % in 2010; 4.5%
projected in 2011• Strong ties to U.S.• Women in workforce • Urbanized – 80%• Slowing agricultural output
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Liberalization of Korea’s Agricultural Market
Negotiating with: Australia, Canada, New Zealand, Mexico, GCC, Colombia, Turkey
KOREA
ASEAN2007
EFTA2006
India CEP
2010
EU 2011CHILE
Peru
Singapore2006
U.S.
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The United States is well-positioned as the dominant supplier…
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Growing our 5th Largest MarketU.S. Exports - $5.8 Billion in 2010
BULK CONSUMER INTERMEDIATE FISHERY FORESTRY$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
Coarse Grains
Wheat
Soybeans
Cotton
Rice
Red Meats,Fresh/Chilled/Frozen
Other Consumer Oriented Produc
Fresh Fruit
Processed Fruit & Vegetables
Tree Nuts
Hides & Skins
Feeds & Fodders (Exc Pet Food)
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Maintain Markets for Corn, Wheat, Soybeans, Soymeal
Corn wheat soybean soybean meal0%
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ROWSerbiaRussiaIndiaHungaryChinaCanadaBrazilAustraliaArgentinaU.S.
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Expand Intermediate andConsumer-Oriented
Beef Pork Cheese Cotton0%
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ROWURUGUAYNEW ZEALANDEUCHILECANADABRAZILAUSTRALIAUNITED STATES
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Expand Intermediate andConsumer-Oriented
Fresh fruit Hides&Skins Other Consumer Oriented
Wines0%
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ROW THAILAND PHILIPPINES NEW ZEALAND JAPAN EUROPEAN UNION CHINA CHILE CANADA AUSTRALIA UNITED STATES
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Participate in U.S. Promotional Activities
•Culinary CampHRI•Food and Hotel SeoulHRI/RETAIL
•Busan SeafoodSeafood
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