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Korean Market Overview U.S.–Korea
Free Trade Agreement
Dried Fruit Association Specialty Crop Trade Council
April 25, 2012
What makes Korea a good market
• 13th largest economy• 5th largest import market• 49 million consumers• $22,489 per capita income• Growing economy: 3.6 % in 2011; 3.5%
projected in 2012• Strong ties to U.S.• Women in workforce • Urbanized – 80%• Slowing agricultural output
Liberalization of Korea’s Agricultural Market
Negotiating with: Australia, Canada, New Zealand, Mexico, GCC, Colombia, Turkey
KOREA
ASEAN2007
EFTA2006
India CEP2010
EU 2011
CHILE
Peru
Singapore2006
U.S.2012
The United States is well-positioned as the dominant supplier…
2006 2007 2008 2009 2010 20110.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
$0
$5,000,000,000
$10,000,000,000
$15,000,000,000
$20,000,000,000
$25,000,000,000
$30,000,000,000
$35,000,000,000
Total US PRC EU AU BR CA
Growing our 5th Largest MarketU.S. Exports - $7.8 Billion in 2011
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
$3,500,000,000
Coarse Grains
Wheat
Soybean
Other ConsumerOriented Product
RedMeats, Fresh/Chilled/
Frozen
Rice
Cotton
Feed & Fodders
Hide & Skins
Fresh Fruit
Tree Nuts
Dairy Products
Maintain Markets for Corn, Wheat, Soybeans, Soymeal
Corn Wheat Soybeans soybean meal0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
OtherParaguayChinaCanadaArgentinaIndiaAustraliaBrazilHungarySerbiaSouth AfricaU.S.
Expand Intermediate andConsumer-Oriented
Beef Pork Cheese Cotton0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
OtherChileMexicoN.ZealandCanadaAustraliaE.U.BrizilU.S.
Expand Intermediate andConsumer-Oriented
Fresh Fruits Dried Fruits Other Consumer Oriented
Wines0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
ROWAustrliaJapanThailandNew ZealandPhilippinesE.U.TurkeyCanadaChileChinaU.S.A.
Tariff Phase-Out Schedule under KORUS
HSK 10 DescriptionBase Rate
2012 2013 2014 2015 2016
0804100000 Dates 30 27 24 21 18 15
0804200000 Figs 30 25.7 21.4 17.1 12.8 8.5
0804400000 Avocados 30 15 0 0 0 0
0806200000 Raisins 21 0 0 0 0 0
0813100000 Apricots 45 0 0 0 0 0
0813200000 Prunes 18 9 0 0 0 0
0813300000 Apples 45 40.5 36 31.5 27 22.5
0813401000 Persimmon 50 45 40 35 30 25
0813402000 Jujubes 611.5 560.5 509.6 458.6 407.7 356.7
0813409000 Other 45 0 0 0 0 0
0813500000Mixtures of nuts or dried fruits
45 0 0 0 0 0
Participate in U.S. Promotional Activities
•Culinary Camp
•Fall 2012
HRI
•Food and Hotel Seoul
•May 8-11, 2012
HRI/RETAIL
•Busan Seafood
•November 15-17, 2012
Seafood
www.atoseoul.com
www.atoseoul.com
