Source: U.S. Department of Agriculture
Fresh Cheese (e.g. mozzarella) U.S. exports to Korea in 2013: $127.3 million
36% tariff eliminated over 15 years (0% tariff applied for quantity less than 7,000t.)
Lobster (incl. other crawfish) U.S. exports to Korea in 2013: $18.9 million 15% tariff eliminated over 3 years (i.e. by 2014)
Pork Belly (e.g. bacon) U.S. exports to Korea in 2013: $8.9 million
20% tariff eliminated over 3 or 5 years
+90.8%
(2012-2013)
+97.7%
(2012-2013)
+106.7%
(2012-2013) Note: change 2011-2012: +108.5%
Note: change 2011-2012: +122.4%
Note: change 2011-2012: +261.0%
0 10 20 30 40
2007 2008 2009 2010 2011 2012
Percent
Marketshare of Korea's Agricultural Imports
U.S. China Australia EU
(2011-2012)
+54%
Almonds
U.S. exports to Korea in 2012: $128.4 million 8% tariff eliminated immediately (in 2012)
+87.5%
(2011-2012)
Cherries
U.S. exports to Korea in 2012: $74.2 million 24% tariff eliminated immediately
+63.8%
(2011-2012)
U.S. exports to Korea in 2012: $13.2 millionWine
15% tariff eliminated immediately
Information based on data from the U.S. Census Bureau and the U.S. Department of Agriculture.
Last updated: February 2014
Korea is a Top Destination for U.S. Agricultural Products
Korea imports more agricultural goods from the United States than from any other country and is the United States’ sixth largest market for agricultural exports. Since the Korea-U.S. Free Trade Agreement (KORUS FTA) took effect in 2012, nearly two-thirds of U.S. agricultural products enter Korea duty-free.
The United States exported almost $5.1 billion worth of agricultural products to Korea in 2012, a 9 percent increase from the previous year (excluding corn, which experienced a global export downturn due to external global factors like drought).
Exports of Many U.S. Agricultural Products Increased Under the KORUS FTA
The 2012 implementation of the KORUS FTA delivered an immediate reduction or elimination of tariffs on U.S. agricultural products. This led to significant gains in U.S. agriculture exports in 2012, notably, almonds, cherries and wine saw tremendous growth.
Soybeans - $395 million Frozen Beef - $475 million
Fresh Oranges - $216 million Wheat - $645 million
Pork - $393 million
Additional KORUS FTA tariff reductions and eliminations went into effect in 2013 that continued to expand opportunities for U.S. agricultural products. U.S.
exports of fresh cheese, pork belly and lobster exports each grew over 90 percent as a result of 2013 tariff reductions.
Moving forward, the economic benefits of the FTA will only continue. For example, market access for beef and pork will
be improved as most tariffs for pork products will be phased out by January 1, 2016, and the 40 percent tariff on beef products eliminated as well. These tariff reductions will help the United States compete in Korea’s $18.5 billion agriculture market.
Top U.S. Agricultural Exports to Korea in 2012
Growing Together: U.S. Agriculture and Korea
INDUSTRY BY THE NUMBERS
www.USKoreaConnect.org • The Embassy of the Republic of Korea