Industry by the Numbers
The U.S.-Korea Free Trade Agreement (KORUS FTA) provides America's farmers, ranchers, food processors, and the businesses they support, with improved access to Korea's 49 million consumers. For the U.S. agricultural sector the KORUS FTA is the most economically significant trade agreement to be implemented in over 15 years. Through ongoing tariff reductions and eliminations the KORUS FTA continues to expand Korea and the United States’ robust trade in agricultural products.
- The U.S. is Korea's top supplier of a broad variety of agricultural exports at $5.2 billion in 2013, making Korea the sixth largest export market for U.S. farm products.
- Two-thirds of U.S. farm product exports to Korea became duty free immediately upon implementation of the KORUS FTA - including wheat, corn and cotton.
- Market access for beef and pork continue to grow with most tariffs for pork products phased out by January 1, 2016, and tariffs as high as 40 percent on beef products phasing out by year 15 of the agreement.
- The U.S meat sector has already experienced an increase in demand from Korean consumers. In 2013, the United States exported $276 million in pork and $609 million in beef (U.S. Department of Agriculture).
- Korea's agricultural exports to the U.S. in 2013 were $558 million, consisting primarily of prepared agricultural products (U.S. Department of Agriculture).
Many agricultural products are realizing expanded opportunities under the KORUS FTA.
Top Five U.S. Agricultural Products Exported to Korea in Q1 2014
According to the U.S Grains Council, U.S. corn exports to Korea totaled almost 3.3 million metric tons between Sept. 2013 and Apr. 2014, versus 359,000 tons over the same period the year before. A record 2013 U.S. corn crop drove an approximate 820 percent increase in metric tons exported.
KORUS FTA tariff reductions are delivering a competitive advantage for U.S. businesses in Korea's $18.5 billion agriculture market.
Select your state below for information on local resources that can help you take advantage of opportunities from the U.S.-Korea Free Trade Agreement. These resources include groups in both the public and private sector.
Semiconductors and components, Aerospace products, Chemicals
Communications equipment, Motor vehicles, Motor vehicle parts
In 2013, Korea was the United States’ 6th largest trading partner, while the United States was Korea’s 3rd largest.