Korean Importer Support > Highlights
Korean High-value Processed Food Buyers Delegation to Fancy Food Show Summer 2019, June 22-27, 2019, Javits Center, New York City
ATO Seoul brought a group of 14 buyers from 10 Korean food import distribution companies to Fancy Food Show Summer 2019 held in Javits Center, New York City. The delegation generated over 100 serious face-to-face contacts with American suppliers on the show floor, resulting in $90,000 of on-site sales and $1.29 million of potential 12 month sales for the American suppliers. The delegation also toured numerous retail outlets in and around New York City during the trip and developed hands-on knowledge and experience about on-going product trends in the American food market. Despite the slow-down in the Korean economy, Korean consumers continue to expand demand for imported consumer-oriented food and beverage products as their tastes further evolve. Korea’s imports of consumer-oriented food products reached a record high, $6.5 billion in 2019 through May, up 4.4 percent from the same period in the previous year. The United States remaind the leading supplier, accounting for $2.4 billion of the imports, up 7.5 percent. ATO Seoul will continue to invest in helping Korean buyers identify new business opportunities with American suppliers.
Korean Food Ingredients Buyer Delegation to IFT 19, New Orleans, LA, June 2-6, 2019
ATO Seoul organized a delegation of Korean food ingredient buyers to the Institute of Food Technologists (IFT) Annual Event and Food Expo, held in New Orleans, Louisiana. IFT Food Expo, hosted by the Institute of Food Technologists (IFT), is one of industry’s largest trade show exhibiting the latest products and trends in the food ingredient, food safety & quality, technology, equipment, processing, and packaging sector. Through the show, Korean buyers were able to improve their understanding on US brands, food trends, products, and network with industry stakeholders. In addition, ATO arranged field trips to retail markets and food processors. As a result of this reverse trade mission, the participants successfully conducted over 270 business meetings with exhibiting companies. According to the survey conducted after the mission, five companies estimated around $1.66 million in sales within the next 12 months.
U.S. Food Products Showcased at Seoul Food & Hotel Show 2019, KINTEX, May 21-24, 2019
About 47 American companies and trade associations comprising one of the largest pavilion within the International Hall represented a wide range of products in Korea’s biggest international food and agriculture show, Seoul Food & Hotel 2019. It is clear that renewed enthusiasm for agricultural trade between the United States and Korea is due in large part to the Korea--U.S. Free Trade agreement (KORUS FTA) implemented on March 15, 2012. In its seventh year of implementation, the KORUS FTA has eliminated or reduced duties on many American food products driving U.S. exports of high-value, consumer oriented products to Korea to a record $5.1 billion in 2018. U.S. exhibitors represented a wide array of products including snack foods, beverage products, dairy products, meat and processed meat products, cooking oils, sauces, and desserts. Exhibitors reported making on-site sales of $3.6 million and many quality contacts. In addition, expected sales during the next 12 months totaling $24.6 million were preliminarily reported. For more information on export opportunities to United States’ 5th largest market, please visit ATO Seoul Home Page (KORUS FTA).