Brazil has potential to expand sales in South Korea

Published 2021년 4월 8일

Tridge summary

A study by the Confederation of Agriculture and Livestock of Brazil (CNA) suggests that a free trade agreement with South Korea, under negotiation since 2018, could boost Brazilian agricultural exports revenue by over $8 billion. The agreement could make significant room for Brazil in the South Korean market, particularly for meats and cereals. However, the agreement could also benefit the import of agricultural fertilizers, machinery, technology services, and dairy products from Brazil. The CNA emphasizes the importance of resolving tariff and health barriers to facilitate the export of more value-added products, aiming to diversify Brazil's export portfolio.

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Original content

The signing of a free trade agreement with South Korea, whose negotiations have been underway since 2018 in the Mercosur area, could increase Brazilian revenue from exports of at least 41 agricultural products, according to a study by the Confederation of Agriculture and Livestock of Brazil (CNA). The potential exceeds US $ 8 billion if only some of the main items are considered, four times more than the current amount of shipments. South Korea, which is the seventh main destination for Brazilian agribusiness exports, with US $ 2.2 billion in revenue in 2020, buys from other countries 70% of the food it consumes. Koreans have agreements with 18 markets, including major competitors from Brazil, such as China, the United States, New Zealand, Australia and the European Union, and also from Brazilian neighbors, such as Peru, Chile and Colombia. The superintendent of International Relations of the CNA, Lýgia Dutra, says that Brazil is lagging behind and isolated in the ...

Source: Ovosite