U.S. Food Products Showcased at Seoul Food & Hotel Show 2015, KINTEX, May 12-15, 2015

More than 60 American companies and trade associations comprising the largest ever U.S. Pavilion represented a wide range of products in Korea’s largest international food and agriculture show, Seoul Food & Hotel 2015. 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 third year of implementation, KORUS FTA has eliminated or reduced duties on many American food products leading to U.S. exports of high-value, consumer oriented products to Korea reaching a record $3.6 billion. U.S. exhibitors representing a wide array of products including blueberries, dairy products, organic foods, popcorn, and meat products, reported making many quality contacts and on-site sales of $1.2 million and a preliminary estimate of expected sales during the next 12 months totaling $13 million. For more information on export opportunities to our 5th largest market under KORUS FTA please visit KORUS FTA.

Korean Seafood Trade Mission to Seafood Expo Global 2015 Leads to $4.9 million in Potential Export Sales

ATO Seoul recruited mission members and coordinated the visit of 4 Korean seafood importers to the Seafood Expo Global (SEG) held in Brussels, Belgium, April 21-23, 2015. 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 $4.9 million of potential purchases from U.S. seafood suppliers over the next 12 months. In calendar year 2014, Korea imported $222 million of U.S. seafood, up 5.4 percent from $211 million in 2013.

Great American Craft Beer Showcase Booth @ Seoul Int’l Wine & Spirits Expo 2015, April 23-25.

In partnership with a group of new-to-market American exporters and local Korean importers, the ATO sponsored the ‘Great American Craft Beer Showcase’ booth in the Seoul International Wines & Spirits Expo 2015. A wide variety of premium craft beer from over 17 American breweries was featured in the booth for tasting and business consultation to some 2,000 trade visitors from the Korean foodservice and retail industry during the show. The five exhibitors in the booth reportedly gained over 150 serious business contacts with trade buyers during the show, which would potentially generate $250,000 of new exports of American craft beer to Korea within the 12 months following the show. Korean consumers’ increased attention to quality and variety has led to a significant growth of imported beer market. Korea’s beer imports amounted to $112 million in 2014, up 25 percent from the previous year. Although facing tough competition from export-oriented competitors such as EU countries, the U.S. craft brewers are also likely to see a solid export growth to Korea in the coming year.