South Korea has proven to be an appealing and profitable market for U.S. companies for many years. USDA’s Agricultural Trade Office (ATO) in Seoul, hereinafter referred to as “Post”, reports that the U.S. is the leading exporter of agricultural products to Korea with a 24% market share. While total U.S. bulk agricultural exports to Korea dipped in 2019, exports of consumer-oriented products such as meat, dairy, and processed products continue to grow.
Despite escalated competition from export-oriented competitors, consumer-oriented American products continued to lead the expansion of the export market in Korea, which reflected Korean consumers’ increased demand for better value, quality and diversity. The Korea-United States Free Trade Agreement, (KORUS) implemented in 2012, coupled with on-going evolvement of the Korean food market, should generate greater export opportunities for American products in Korea in the coming years.
U.S. Food & Agricultural Product Imports to South Korea, By the Numbers
By the year 2024, Euromonitor projects the retail sales in the packaged food market in Korea is expected to increase 9.7% to US$31.2 billion, or US$2.8 billion more.
Top U.S. products in demand:
Participants in 2019 Focused Trade Missions Reported:
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