South Korea
South Korea ranked as the 15th largest world economy
in 2009. South Korea has turned increasingly to food
imports to satisfy its consumers' demands for
greater food variety, lower prices, and convenience.
South Korea is a major food importing country with
few resources to expand its agricultural capacity.
The United States is already South Korea’s top
supplier of a broad variety of agricultural exports
at $4.4 billion (including fish and forest
products) in 2009, making South Korea the fifth
largest export market for U.S. farm products. On
April 1, 2007, the United States concluded free
trade negotiations with South Korea. If approved by
Congress, the U.S.-Korea Free Trade Agreement will
provide America’s farmers, ranchers, food
processors, and the businesses they support with
improved access to the South Korea’s 49 million
consumers. Almost two-thirds of South Korean imports
of U.S. farm products will become duty free
immediately.
Population:
48,508,972 (July 2009 est.)
GDP per capita:
$28,000 (2009 est.)
Agriculture:
3 percent of GDP
Agricultural Production:
rice, root crops,
barley,
vegetables, fruit, cattle, pigs,
chickens, milk,
eggs, fish
Major U.S. Exports to South Korea: corn,
wheat, hides and skins, soybeans, pork, beef, and
horticulture products
Major U.S. Imports from South Korea: seafood,
ramen noodles, non-alcoholic beverages, snack foods,
and pears
Economic, Political,
and Demographic Information
