Vibrant Market Opportunities for U.S. Red Meat in Korea
In Seoul, South Korea, an agribusiness trade mission organized by the USDA Foreign Agricultural Service (FAS) is underway. The trade mission, led by Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor, is comprised of officials from 48 agribusiness and farm organizations and five state departments of agriculture seeking to develop strong ties with Korean partners and introduce their diverse products to Korean consumers.
“South Korean consumers appreciate the quality and reliability of U.S. food and agricultural products. I’m excited to introduce the U.S. companies and their diverse lineup of products to this important market,” Taylor said in a release. “This week provides a great opportunity to develop the partnerships and foster the collaboration that are critical to facilitating the long-term relationships that will form the basis for expanding U.S.-South Korea trade. I’m confident the engagements planned here in Seoul will deliver mutually beneficial results.”
The U.S. Meat Export Federation (USMEF) helped coordinate tours of an E-Mart Traders Wholesale Club location and a Lotte Mart store – both major sales outlets for U.S. red meat. Trade mission participants observed in-store sampling promotions of U.S. pork and beef at E-Mart Traders.
Jihae Yang, USMEF vice president for the Asia Pacific, said the tours provided a firsthand look at how the U.S. food items are being sold in Korean retail stores. It also showed how USMEF could successfully showcase U.S. beef and pork.
Yang added that U.S. Embassy staff were also on hand to share their observations about how well-received U.S. red meat products are in the Korean market and how the U.S. industry has successfully regained Korean consumers’ confidence in the safety of U.S. beef.
Tariff reductions under the Korea-U.S. Free Trade Agreement have also bolstered consumer demand, as U.S. beef is now subject to just a 5.3% duty that will phase to zero by 2026 (pre-FTA, the rate was 40%). U.S. pork enters Korea duty-free under the FTA. USMEF will also take part in a roundtable discussion with the USDA delegation in which the benefits of the Korea-U.S. FTA will be discussed in detail, the organization said in a release.
