SEOUL, SOUTH KOREA — An agribusiness trade mission to South Korea started on March 25, led by the US Department of Agriculture’s Under Secretary for Trade and Foreign Agricultural Affairs Alexis M. Taylor.

The delegation, organized by the Foreign Agriculture Service (FAS), included officials from 48 agribusinesses and farm organizations along with five state departments of agriculture to develop strong ties with Korean partners and introduce their products to a new group of consumers.

“South Korean consumers appreciate the quality and reliability of US food and agricultural products,” Taylor said. “I’m excited to introduce the US companies and their diverse lineup of products to this important market. 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 US-South Korea trade. I’m confident the engagements planned here in Seoul will deliver mutually beneficial results.”

The US-Korea Free Trade Agreement celebrated its 10th anniversary in 2022. The agreement supports a bilateral trade relationship that makes South Korea the US’ fifth largest market for agricultural and related products in 2023, which include more than $8 billion in exports.

During the first day, the US Meat Export Federation helped set up tours of an E-Mart Traders Wholesale Club location and a Lotte Mart store, both major outlets of US red meat.

“The USDA FAS Korea staff are always supportive of the US beef trade and the pork trade,” said Jihae Yang, USMEF vice president for the Asia Pacific. “They also witnessed, and they shared their observation how the US beef and pork were well received by the Korean consumer.”

Yang adds that US Embassy staff were also on hand to share their observations about how well received US red meat products are in the Korean market and how the US industry has successfully regained Korean consumers’ confidence in the safety of US beef. 

Tariff reductions under the Korea-US Free Trade Agreement (FTA) have also bolstered consumer demand, as US beef is now subject to just a 5.3% duty that will phase to zero by 2026 (pre-FTA, the rate was 40%). Yang said the biggest competitor in the market, Australia, is subject to 10.6%.

Throughout the week, local staff from FAS Seoul will host business meetings between US trade mission delegates and Korean companies looking to import American food and farm products.