U.S. products accounted for 26.6 percent of South Korea’s food imports, up 2.3 percentage points from the prior year. (image: Yonhap)
SEOUL, Mar. 28 (Korea Bizwire) — South Korean imports of U.S. food spiked nearly 20 percent on-year to a record high in 2018 due to lower tariffs and a jump in meat imports, a report said Thursday.
South Korea imported US$9.37 billion worth of U.S. farm, livestock and food products last year, up 19.7 percent and marking a fresh all-time high, according to the report by the Korea Rural Economic Institute.
In terms of the Korean currency, U.S. food imports were worth 10.6 trillion won, surpassing the 10 trillion-won mark for the first time.
U.S. products accounted for 26.6 percent of South Korea’s food imports, up 2.3 percentage points from the prior year.
The report said last year’s surge resulted from lower tariffs in the wake of a bilateral free trade deal and a surge in meat imports. South Korea and the United States implemented the free trade agreement in 2012.
South Korean imports of U.S. beef soared 18.1 percent on-year to 220,000 tons, with imports of American pork shooting up 32.7 percent to 230,000 tons.
In monetary terms, U.S. beef was the biggest import item at $1.64 billion, trailed by corn at $1.42 billion, pork at $602 million and wheat at $369 million.
South Korea’s food exports to the world’s largest economy came to $800 million last year, up 7.6 percent from a year earlier.
(Yonhap)
