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South Korea's Ag, Fishery Exports Grew by 4.22 per cent in 2012

Sustainability Economics Politics +4 more

SOUTH KOREA - Based on Korean export data provided by Korea Customs and Trade Development Institution, Koreas exports of agricultural, fishery and forestry exports rose 4.22 per cent in 2012 over 2011 to $7.97 billion.

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Korea’s top five markets – Japan, China, the United States, Hong Kong, and Viet Nam – together account for a combined 65 per cent of total Korean agricultural exports.

Korean exports to the United States rose by 9.69 per cent in 2012, while exports to Viet Nam and Japan rose 22.15 and 2.26 per cent, respectively. Exports to China and Hong Kong fell by 3.79 and 0.97 per cent, respectively.

Fish and Seafood is Korea’s top agricultural export, accounting for 1.7 billion, or 22 per cent of total
ag exports.

Agriculture, Fishery and Forestry covers products under chapters 1-24 of the HS classification, essential oils (3301), casein (3501), destrins (3505), sorbitol (382460), hides, skins and leather (4101-4111), furskins (4301,4302), logs, sawn wood and panel products (4401-4413), wool (5101-5103) and cotton (5201-5203).

Korea’s agriculture, fish and forestry exports to the United States in 2012 reached a record $606.5 million, up 9.7 per cent from 2011. Key export items include food preparations ($68 million); pasta-particularly ramen noodles ($56 million); non-alcoholic beverages ($53 million), frozen fish ($51 million), sauces, mixed condiments and seasonings ($27 million), fresh pears ($26 million), and mollusks ($23 million.)

Korea’s goal for 2013 is to increase agricultural exports by five to six per cent. Achieving that mark will be challenged by a continuing slow global economy and the depreciation of the Japanese yen as Japan represents the largest export market for Korean agricultural products.