South Korea: Statistical Agricultural Market Review

Statistical Agricultural Market Review 

This market update is prepared by Pennsylvania Authorized Trade Representative South Korea Office with the goal of providing market data and insight for PA agricultural companies to have a better understanding of the Korean market.

View Table 1 (pg 1). U.S products market share by chapter in Korea (Unit: %)

• South Korea is the fifth largest export market for the United States agriculture. Imports from the United States The total import from the United States are forecast to $6.4 billion.​​
• Although slow down of the Korean economy impact on food market by reducing demand for basic commodities and intermediate products in the local processed food and feed industry. This may caused by a strong U.S dollar value and increased competition from export-oriented competitor have also deteriorated market share of American products in Korea.​
• Despite the challenging market environment, imports of consumer goods from U.S are forecast to sustain strong, which reflects Korean consumers’ increased demand for better quality and diversity. 
• U.S agricultural products should remain the leading export items to Korea with over 20 percent market share and Korea should remain largest export market in the world for U.S agriculture.

View Table 2 (pg 2). Top 25 Agricultural Imports from U.S by volume base on weight (lb)

Total import volume of vinegar, cider and beer show strong increase because of continuous exploring of exotic goods from Korean consumers. It is noted that super grains and vegetables (includes rye, oats, peas & beans, cabbage, cauliflowers and ground nuts) import amount increased by almost double compare to 2015. Especially, rye, oats, cauliflowers, nuts heavily rely on import from U.S, Australia and Canada, but U.S is the largest exporter to Korea. 

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Seoul Food & Hotel 2017 www.seoulfoodnhotel.co.kr

Pennsylvania’s Center for Trade Development is offering its companies a cost-effective way to participate in Seoul Food & Hotel 2017.

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:
​Linda Foerster, Center for Trade Development (Phone:717.214.5306/ E-mail: lfoerster@pa.gov) or
Steve Shin, PA Korea Office (Phone: +82-2-786-7701/ E-mail: sshin@pennsylvania.or.kr)
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Download Seoul Food & Hotel application below:

seoul_food_and_hotel_2017.pdf
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