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Two years since the effectuation of the Korea-US FTA : Impact and challenges in the agricultural sector

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  • Two years since the effectuation of the Korea-US FTA
  • Jeong, Min-kook; Moon, Han-pil; Ji, Seong-tae; Lee, Hyun-keun; Nam, Kyung-soo
  • Korea Rural Economic Institute


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Title Two years since the effectuation of the Korea-US FTA
Similar Titles
Sub Title

Impact and challenges in the agricultural sector

Material Type Reports
Author(English)

Jeong, Min-kook; Moon, Han-pil; Ji, Seong-tae; Lee, Hyun-keun; Nam, Kyung-soo

Publisher

[Seoul]:Korea Rural Economic Institute

Date 2014-03
Series Title; No Agricultural Policy Focus / no. 85
Pages 33
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Industry and Technology < Agriculture
Holding KREI

Abstract

In the second year of the implementation of the Korea-US Free Trade Agreement (FTA) (from March 2013 to February 2014), the amount of imports of agricultural and livestock products was reduced by 20.2 percent (USD 7.51 billion → USD 5.99 billion) compared to the figure before the effectuation of the agreement, while the amount of exports of the products grew by 21.4 percent (USD 0.44 billion → USD 0.53 billion).
The decrease in the imports of agricultural and livestock products from the US is attributed to the decline of production and export of corn in the US due to widespread drought in North America, which led Korea to import the products from the EU countries and Brazil instead. (The rest omitted)