Products That Led the Growth of American Agricultural Export to Korea in 2007 (Based on Korean Government Import Statistics through September)

According to the Korean government statistics, import of American products into Korea grew 14 percent through September in 2007 compared to the same period of the previous year.   Total value of American products imported reached $3.0 billion, taking 20.1 percent of Korea’s total agricultural import.   The on-going trends of weakening U.S. dollar, rise of commodity prices, and publicity effect from possible FTA between Korea and the U.S. are likely to help maintain steady export growth of American products to Korea in the coming years.   Below summaries those products that have led the growth of American agricultural export to Korea so far this year (through September).

1. Beef & Pork

Resuming of import ban on U.S. beef resulted in $71 million of import.   Import of pork meat grew 19.4 percent to $157 million.  

2. Dairy

Strong international prices of dairy products boosted import growth of American products.   Whey import grew 15.4 percent, and cheese 27.5 percent.   Total dairy product import from the states grew 21 percent to $46 million.

3. Fresh Vegetables

Partly due to the strong performance of Potato (68 percent) and Onion (242 percent), vegetable import grew 14.4 percent to $3.7 million.

4. Fresh Fruits

Fruit import grew 6 percent to $146 million.   In particular, stone fruits, mostly cherries, grew 171 percent to $30 million.

5. Coffee

Coffee import grew 67.4 percent to $10 million due to strong coffee market.

6. Cereals

Cereal import grew 7.3 percent to $895 million.   Wheat (35 percent) and Rice (29.5 percent) led the growth.

7. Products of Milling Industry

Import of Malt showed a surprising growth to reach $3.5 million.

8. Oil Seed

Oil seed import grew 24.9 percent to $151 million mainly due to the strong performance of soybean (23.4 percent).

9. Hey & Straw

Grew 37.8 percent to $134 million.

10. Animal Fats & Vegetable Oils

Both fats and oils showed a robust growth.   Animal fats grew 133 percent to $31 million, while vegetable oils grew 146.3 percent to $27 million.   Other products under this category that contains shortening also grew 7.1 percent to $15 million.

11. Preparations of Fish and Other Aquatic Invertebrates

Grew 22.5 percent to $18 million.

12. Sugar and Sugar Confectionery

Grew 69.3 percent to $29 million.

13. Bread, Pastry, Cakes

Grew 43.8 percent to $26 million.

14. Preparations of Vegetables, Fruits, and Nuts

Jams and Marmalades (36.4 percent), Fruit Juice (9.4 percent), Preserved Fruits & Nuts (23.4 percent) led the import growth of this category which grew 8.5 percent on average to $105 million.

15. Alcoholic Beverage

Beer (31.7 percent), Wine (42.8 percent), and Spirits (75 percent) led the growth of this category which grew 21.7 percent on average to $40 million.

16. Others

Soybean meal import grew 1,096 percent to $32 million.   Log import grew 32 percent to $113 million.