Potential Market Opportunity in Korea
The free trade agreement (FTA) between Korea and U.S has been effected on March 12th in 2012. Upon implementation, preferential tariff reduction has been applied so that it leads expansion of the country trade volume between U.S and Korea. *Preferential tariff reduction rate differs from item to item.
Agreement between Korea and U.S allow Korean consumers to try variety new exotic products. Especially, substantial amount of tropical fruits, meats, dairy, nuts, and confectionery has been increased.
Even though Korea produces a substantial amount of fruits and vegetables, imports of processed fruits and vegetables market is getting bigger because of the demand. Often times, domestic producers target fresh grocery market so that domestic production cannot fulfill the demand both in terms of volume and diversity.
Sources (Chart Above):
Korea International Trade Association (KITA) - www.kita.net, 2015
*Increased (%) indicates non-accumulated growth rate from 2011 to 2015
Pennsylvania’s Center for Trade Development is offering its companies a cost-effective way to participate in Seoul Food & Hotel 2016. Exhibiting with Pennsylvania enables small-to-medium-sized companies to make an impact at this prominent food show without the high cost.
For more information
Contact to Linda Foerster, Center for Trade Development: Phone: 717.214.5306/ E-mail: firstname.lastname@example.org or
Steve Shin, PA Korea Office: Phone: +82-2786-7701/ E-mail: email@example.com
Please click here to see the application form for Seoul Food and Hotel Korea