USDA Hoping for Stronger Year of Food Exports to Korea After ‘Tempered’ 2023
After consecutive record-setting years, USDA said expectations for 2023 U.S. food exports to South Korea should be “tempered” because the country’s “modest” economic growth, declining exports and weakened technology sector have reduced consumer spending. But the December report also said…
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the 2024 outlook is “more positive,” adding that it expects a combination of low tariffs, rising South Korean consumer income and Korea’s “well-established knowledge of American products” will help the U.S. remain the “top agricultural supplier into the market for many years to come.” The agency said U.S. food exporters should “regularly monitor South Korea’s economic situation and food trends and, where possible, improve on price offerings to counter product competition.”