February 27, 2007

South Korean agricultural exports forecast to grow 6.3 percent

South Korea aims to export US$2.45 billion worth of agricultural and forestry goods this year, up 6.3 percent from last year, the Ministry of Agriculture and Forestry said.

The ministry said pork exports are expected to post the largest on-year increase of 25.5 percent, followed by those of processed foods with 6.9 percent growth. Shipments of forestry goods, poultry and vegetables are all likely to grow 4-5 percent this year.

South Korea has traditionally been a net importer of agricultural products. In 2005 it exported US$2.22 billion worth of agricultural, livestock and forestry products, while importing US$11.88 billion worth of farm and wood-based goods.

By country, exports to Japan could reach US$665 million by the year's end, a gain of 2.1 percent, with the United States, China and Russia topping the list of foreign markets.