South Korea: Exporter Guide
South Korea is the fifth largest export market for American agriculture. Imports of American food and agricultural products into Korea in 2015 are forecast to total $7.2 billion, down 11 percent from the previous year due to the combined effect of extensive port strikes in western U.S. ports in early 2015; pandemic outbreaks of MERS virus disease in Korea in mid-2015; and sluggish local economy under extended global economic slowdown. However, despite the challenging market environment, imports of consumer-oriented American products into Korea are forecast to reach another record high $3.8 billion in 2015, which reflects Korean consumers’ increased demand for better value, quality and diversified taste. As a result, the United States should remain the leading agricultural exporter to Korea with over 23 percent market share. The Korea-United States Free Trade Agreement, implemented in March 2012, coupled with anticipated recovery trend of the Korean economy is expected to generate greater opportunities for American products in the Korean market in the coming year.
