Korea to ramp up food exports in wake of FTA with China

By RJ Whitehead

- Last updated on GMT

Photo: iStock
Photo: iStock

Related tags: Free trade agreement, International trade

South Korea’s government will provide more support to farmers and food manufacturers to achieve its goal of exporting US$8.1bn in food and agriculture products this year.

The target has been set in light of last year’s free-trade agreement with China, and marks an increase by one-third over last year’s total shipments, worth US$6.1bn.

The announcement, by the agriculture ministry, comes as South Korean food exports dropped by 5.9% January, year on year, while overall shipments fell by 18.5%.

"The current situation must be seen as an emergency​," agriculture minister Lee Dong-phil said, adding that the government would provide support to prop up exports.

To meet the target, a task force will be created to help South Korean farmers and food manufacturers use the free trade agreement to their advantage. The country intends to ship US$1.4bn worth of products to China this year, followed by US$1.3bn to Japan.

The ministry will also offer financing to improve marketing to Muslim countries, which it said might account for US$500m of halal food and farm exports this year.

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