June 5, 2008

US farm exports to South Korea to hit US$4.4 billion on high grain prices


The US agricultural exports to South Korea will fetch US$4.4 billion on high grain prices and surging exports of soy, pork and dairy products, the USDA estimated Sunday (June 1, 2008).

The department said that farm exports to Korea will grow by 39 percent on-year. In February, the total export estimate was at US$3.7 billion.

The new forecast is up US$1.22 billion from exports of US$3.178 billion in 2007.

However, USDA's report did not indicate US beef exports to Korea.

South Korea ranks fifth in US agricultural exports, following Canada, Mexico, Japan and China.

Meanwhile, the USDA forecast that total US agricultural exports worldwide will reach a record US$108.5 billion this year.