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Updated KORUS Protects Current Market Share

Dan Beef, Exports/Imports, Industry News Release, Pork, Trade

The new KORUS agreement offers a sigh of relief for U.S. beef and pork.

korusThe U.S. Meat Export Federation says the market access terms secured in the original KORUS not only helped increase U.S. red meat’s market share in South Korea, but also bolstered consumption by making U.S. beef and pork products more affordable and accessible to Korean consumers. Those terms are maintained in the new agreement, as a USDA official noted “nothing has changed” for agriculture. U.S. red meat exports to Korea set a record last year of $1.7 billion, up 19 percent year-over-year and up 69 percent from 2012, when KORUS entered into force. The trend continues this year with both U.S. beef and pork export value increasing more than 50 percent compared to a year ago.

The United States is the largest supplier of beef to Korea and trails only the European Union as the second-largest pork supplier. Korea is now the second-largest value market for U.S. beef and fourth-largest for U.S. pork.

Source: National Association of Farm Broadcasting News Service.