Korean Shoppers Enjoy Deep Discounts on American Wines at Lotte Mart

Lotte Mart, a leading Korean retail grocery chain, marked the first anniversary of the Korean—United States Free Trade Agreement (KORUS FTA) with an in-store wine promotion featuring California wines discounted by 50 percent. Since KORUS FTA implementation on March 15, 2012, Lotte Mart reports that American wines have grown from 9% to 12% of its wine sales and Lotte Mart has increased its portfolio of American wines from 30 to 60 labels. Korean consumers are enjoying American wines at reduced costs since KORUS FTA eliminated the 15 percent import duty on wine and many retailers, such as Lotte Mart, are developing relationships with large scale U.S. suppliers in order to facilitate direct imports from the United States without using independent importers. For more information on the Korean wine market please see our latest Wine Market Brief and FTA Product Brief.

2013 Kashu Gold Conference Korea

Paramount Citrus in collaboration with Sunwoo Marketing launched a promotional campaign for high-brix California navel oranges in Korea on February 22. Speaking to Korean fresh produce handlers and distributors, Mr. Jeon Sunwoo explained how near infrared technology is used to sort and select extra sweet oranges which Korean consumers enjoy. The Korea-United States Free Trade Agreement has expanded opportunities for U.S. orange suppliers to Korea by reducing the 50 percent import duty to 25 percent during the March 1 – August 31 time period. This seasonal duty will be reduced by 5 points each year and will be eliminated completely in 2018. To learn more about export opportunities under KORUS FTA please see KORUS FTA.

U.S. Softwood Export Council Visits Kyunghyung Housing Fair

U.S. Softwood Export Council led a delegation of U.S. suppliers to the 28th Kyunghyung Housing Fair in Korea, February 20-24. U.S. suppliers met with their Korean counterparts at the U.S. pavilion constructed by Kevin Kim P.E. of CTF-California TrusFrame, LLC. Visiting suppliers also took part in various site visits including a bonded warehouse facility for logs and lumber at the Port of Incheon, and Korean companies such as Home Wood Co., NS Home and KCC Home Center. In 2012, Korean imports of logs, lumber, plywood, and wood flooring and molding from the United States totaled $153 million. For more information on the Korean market for wood products please see our Wood Products Market Brief.