Three Years Later, U.S.-Korea FTA Shows Importance of Strong Trade Policy

The U.S.-Korea free trade agreement (FTA), often called KORUS, entered force on March 15, 2012, giving the United States more open access to Korea’s $1 trillion economy and 49 million consumers. Three short years later, this FTA is being heralded as a success by the agriculture industry and the Office of the U.S. Trade Representative (USTR), with U.S. agricultural exports to Korea growing 31.2 percent last year - seven times faster than average agriculture export growth with the rest of the world. 

Korea Experiences Record Corn Imports, Buying Majority From United States

By: Byong Ryol Min, U.S. Grains Council Director in Korea

Korea’s corn imports reached an all-time high of 10.2 million metric tons (401.6 million bushels) in 2014, with imports of coarse grains and other feed ingredients also climbing to a new record of 12.7 million tons (500 million bushels). Of feed corn imports, which make up 80 percent of Korea’s total corn imports, a majority - 53 percent - was from the United States.

USGC Hires and Bids Farewell to Staff in Washington, Korea

Please join the U.S. Grains Council (USGC) in welcoming two new employees, Emily Byron to its Washington, D.C., headquarters and Young Jin Lee to its office in Korea.

Byron joins the Council as the new global programs coordinator. In this capacity, she will handle the many details, logistics and follow-up needs associated with programs undertaken by her department and USGC consultants.

Korea: Corn Rebounds Strong; Contributes to U.S. Ag Export Record

Korea

A sharp rebound in U.S. corn exports to Korea helped power overall U.S. agricultural exports to that nation to $6.9 billion in fiscal year 2014, a new record. Including manufactured goods and services, Korea is the sixth largest U.S. trading partner internationally, just behind Germany and ahead of the United Kingdom and France.

USGC Conducts Webinar for Korean Poultry Nutritionists and Feed Formulators

chicks

By: Byong Ryol Min, U.S. Grains Council Director in Korea
Although almost 80 percent of Korean mixed feed manufacturers have tried U.S. distiller’s dried grains with solubles (DDGS) in livestock and poultry diets, they have not continuously used the products. A few of them have incorporated it into their feed formulations, but with a lack of experience with the nutritional value of DDGS, they are hesitant to use the product in their rations.

Discovering the Market Potential for Ethanol Exports

In September, the U.S. Grains Council, Renewable Fuels Association (RFA) and Growth Energy conducted the first of three initial missions to explore the possibilities for U.S. ethanol exports overseas. The missions will travel to different markets to meet with energy sector leaders and learn about local biofuel and energy needs.

While abroad, the team will explore areas of common interest and the specific biofuel requirements in each region. The team also hopes to demonstrate to contacts the growing affordability of ethanol and its potential as a clean fuel alternative to gasoline.

Exploring Markets for U.S. Ethanol Exports

Representatives from the U.S. Grains Council (USGC), Renewable Fuels Association (RFA) and Growth Energy traveled this week to Japan and Korea to explore the potential for U.S. ethanol in those markets.

The trip is part of a wider look at potential overseas markets for this renewable fuel, which is in increased demand due to mandates for cleaner fuel and its overall affordability.

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