Korea, South

South Korea was the sixth-largest market for U.S. agricultural exports in fiscal year 2013, worth $5.2 billion. Top exports included beef and beef products, hides and skins, wheat, fresh fruit and soybeans.

Implementation of the U.S.-Korea Trade Agreement (KORUS) on March 15, 2012 immediately removed duties on two-thirds of U.S. agricultural trade, and is helping to keep the United States on a level playing field with Korea’s other foreign trading partners. Major winners to date from KORUS include tree nuts, dairy, and processed fruits and vegetables. Going forward, the KORUS committee structure, including the Committee on Trade in Goods and the Committee on Sanitary and Phytosanitary Measures, will be the forum for resolving market access issues.

Data & Analysis

On September 18, 2014 the Korean Ministry of Agriculture, Food and Rural Affairs (MAFRA) issued a press release announcing the liberalization of its rice market through tariffication.
In 2013, $55 billion in local dairy product sales was two-percent higher than 2012.