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Nearly 50 U.S. agribusinesses, farm groups and state departments of agriculture spent Nov. 5-8 in South Korea to enhance trading relationship.

Jacqui Fatka

November 7, 2018

2 Min Read
South Korea trade mission results in $30m in new trade
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An estimated $3 million in short-term sales and another $30 million in sales projected for the next month were signed during a trade mission to South Korea Nov. 5-8. Representatives from nearly 50 U.S. agribusinesses and farm organizations joined Foreign Agricultural Service (FAS) administrator Ken Isley on a U.S. Department of Agriculture trade mission to Seoul, South Korea, this week.

“Korea is consistently among the largest and most reliable export markets for U.S. agriculture, and the U.S.-Korea Free Trade Agreement, known as KORUS, has opened up even greater opportunities,” Isley said. “This is my first trade mission as FAS administrator, and I’m delighted to be joined by a large delegation of business and state government leaders from the U.S. who are seeking to capitalize on those opportunities.”

Speaking from Seoul, Insley said an estimated 700 business-to-business meetings were conducted that brought increased sales. In addition to 49 representatives from the several companies and organizations, Isley was joined by Nebraska director of agriculture Steve Wellman, Virginia secretary of agriculture and forestry Bettina Ring and officials from the Georgia and Missouri departments of agriculture.

He said bilateral meetings were held on regulatory issues regarding rice, soybeans, wheat, potatoes, horticultural products and access for pears and apples. Also discussed were ethanol and Korea's position on biotechnology, including new technologies, Isley said.

Related:Latest export stats highlight South Korea's hunger for U.S. pork, beef

The rice and soybean discussions pertained to the current tariff rate quotas (TRQs) and when to conduct auctions to allow the U.S. to better participate with the newest crop possible. The soybean TRQ discussions focused on additional volume increases and allowing farmers flexible timing to make proper planting decisions.

Isley said the meat industry was well represented on the mission trip. “Beef is extraordinarily popular,” Isley said, and is seeing exceptional growth. Poultry also has strong market share. “There’s a lot of demand for U.S. products,” he added, noting a good brand and reputation for U.S. meat products in Korea.

The U.S. is the largest supplier of agricultural products to Korea, providing $7 billion worth of products in 2017 and accounting for 25% of Korea’s total imports for the year, Isley said. U.S. agricultural imports into Korea have been up 11% since 2016, and Isley expects a strong finish to the end of 2018.

About the Author(s)

Jacqui Fatka

Policy editor, Farm Futures

Jacqui Fatka grew up on a diversified livestock and grain farm in southwest Iowa and graduated from Iowa State University with a bachelor’s degree in journalism and mass communications, with a minor in agriculture education, in 2003. She’s been writing for agricultural audiences ever since. In college, she interned with Wallaces Farmer and cultivated her love of ag policy during an internship with the Iowa Pork Producers Association, working in Sen. Chuck Grassley’s Capitol Hill press office. In 2003, she started full time for Farm Progress companies’ state and regional publications as the e-content editor, and became Farm Futures’ policy editor in 2004. A few years later, she began covering grain and biofuels markets for the weekly newspaper Feedstuffs. As the current policy editor for Farm Progress, she covers the ongoing developments in ag policy, trade, regulations and court rulings. Fatka also serves as the interim executive secretary-treasurer for the North American Agricultural Journalists. She lives on a small acreage in central Ohio with her husband and three children.

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