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 $6.1 billion in 2015, making Korea the fifth 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 on 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 2015, the United States exported $427 million in pork and $767 million in beef (U.S. Department of Agriculture).
- Korea’s agricultural exports to the U.S. in 2015 were $726 million, consisting primarily of prepared agricultural products (U.S. Department of Agriculture).
Many agricultural products are realizing expanded opportunities under the KORUS FTA.
KORUS FTA tariff reductions are delivering a competitive advantage for U.S. businesses in Korea’s $18.5 billion agriculture market.
Semiconductors and components, Aerospace products, Chemicals
Communications equipment, Motor vehicles, Motor vehicle parts
In 2015, Korea was the United States’ 6th largest trading partner, while the United States was Korea’s 2nd largest.