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).

Korean Seafood Trade Mission to Seafood Expo Global 2019 Leads to $6.1 million in Potential Export Sales

ATO Seoul recruited mission members and coordinated the visit of five Korean seafood importers to the Seafood Expo Global (SEG) held in Brussels, Belgium, May 7-9, 2019. The program allowed the importers to meet suppliers of various American seafood products and to gain a better understanding of the U.S. seafood sector. According to the mission participants surveyed right after the activity, the trade mission resulted in a couple of contracts signed on the spot and an estimated $6.1 million of potential purchases from U.S. seafood suppliers over the next 12 months. In calendar year 2018, Korea imported $261 million of U.S. seafood, up 12.3 percent from $233 million in 2017.