U.S. Agricultural Export Opportunities in South Korea

Country:
Korea, Republic of

South Korea is one of the most reliable export markets for U.S. agricultural goods. Its vibrant economy offers easy access to modern retail outlets and is home to a large urban population seeking convenient and healthy food products. Increasing wealth, a growing number of women in the workforce, and a younger generation seeking international foods are also contributing to the rise of convenience stores, bulk retail outlets, and western-style family restaurants.

With more than 51 million people, South Korea is the third most densely populated country in the world. More than 80 percent of Koreans live in urban areas and more than 50 percent live within, or in the direct vicinity of, the capital city of Seoul. Between 2012 and 2017, Korea’s GDP grew by a cumulative 25 percent and is expected to grow by 2.7 to 3 percent annually for the next five years. The country’s per capita gross domestic product (GDP) is $39,000 (adjusted for purchasing power parity), compared to $59,500 in the United States.

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2018-10_iatr_Opportunities in south_korea_.pdf208.4 KB