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Opportunity for Growth in U.S. Beef Exports
In early June 2008, South Korea reopened their borders to U.S. beef imports for the first time since December 2003. U.S. beef export volume to Korea has steadily increased since the reopening. By the end of June, the global U.S. beef export volume was already 35% higher than the same year-to-date volume in 2007.
In late May, South Korea’s agriculture minister, Chung Woon Chun, announced his request to print the final trade protocol, which became the implementation date for trade resumption. Agreement on the trade protocol entailed a difficult and lengthy process but is “an example of the persistence needed to regain fair and reliable trade with Korea and other trading partners,” according to NCBA President Andy Groseta, a rancher from Cottonwood, Arizona. “This trade protocol is based on sound science and accepted international guidelines.” Prior to the final agreement, South Korea sent inspection teams to audit those U.S. beef plants that were previously approved to export beef to Korea before the suspension occurred nearly five years ago.
South Korea was traditionally the third largest U.S. beef export market in terms of value, after Japan and Mexico. Beef trade to South Korea amounted to $815 million in 2003. In addition, the United States exported just over 4,000 metric tons per week (approximately 8.8 million pounds) to South Korea during that time.
Currently, the United States is sending nearly 3,000 metric tons per week to South Korea. This amount is steadily increasing, which indicates strong support by the South Korean consumer moving forward. For more information, contact Jim Ethridge at jethridge@beef.org. To read more about trade in Korea or another international market, please see the USMEF web site.
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