Keeneland Korea Cup Race 2019 Highlights Strong Partnership between the U.S. and South Korean Horse Industries

Horses of American origin won the 4th Keeneland Korea Cup (1,800 meter) and Keeneland Korea Sprint (1,200 meter), the premier thoroughbred race in Korea, held in Seoul-Gwacheon racetrack on September 8. The race was hosted by the Korea Racing Authority (KRA) with sponsorship by the Keeneland Association from Kentucky. Five high-profile American horses attended the race alongside many local Korean horses of American bloodline. The participation of American horses in the race was the result of a quarantine agreement on race horses that the U.S. Department of Agriculture negotiated with Korea in 2017. This agreement has provided a foundation for American racehorses to further promote their quality and value to the Korean market.

Harry Harris, the U.S. Ambassador to Korea attended the event and highlighted the strong partnership between the United States and South Korean horse industries. This cooperation contributed to Korea reaching Part II status for international racing in 2016. KRA and the local thoroughbred horse industry have imported genetics from the United States to strengthen the quality of local race horses. U.S. race horse exports to Korea reached $17.3 million in 2018, supplying three quarters of Korea’s horse imports.

Munhak Chief, 4 year old colt bred in the United States and trained in South Korea, won the Keeneland Korea Cup Race ($1 million purse money). Nine of the eleven horses that ran the race were American origin horses (7 locally trained horses and 2 air-ship traveled to attend the race). Blue Chipper, 4 year old gelding bred in the United States and trained in South Korea, won the Keeneland Korea Sprint Race ($660,000 purse money). Nine out of the sixteen horses that ran the race were American origin horses (6 locally trained and 3 air-ship traveled to attend the race).

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.