Korean Market Overview U.S.–Korea Free Trade Agreement Dried Fruit Association Specialty Crop Trade Council April 25, 2012

What makes Korea a good market 13 th largest economy 5 th largest import market 49 million consumers $22,489 per capita income Growing economy: 3.6 % in 2011; 3.5% projected in 2012 Strong ties to U.S. Women in workforce Urbanized – 80% Slowing agricultural output

Liberalization of Koreas Agricultural Market Negotiating with: Australia, Canada, New Zealand, Mexico, GCC, Colombia, Turkey KOREA ASEAN 2007 EFTA2 006 India CEP 2010 EU 2011 CHILEPeru Singapore 2006 U.S. 2012

The United States is well-positioned as the dominant supplier…

Growing our 5 th Largest Market U.S. Exports - $7.8 Billion in 2011

Maintain Markets for Corn, Wheat, Soybeans, Soymeal

Expand Intermediate and Consumer-Oriented

Tariff Phase-Out Schedule under KORUS

Participate in U.S. Promotional Activities

Michael J Fay Agricultural Trade Office Seoul, Korea