South Korea: European agricultural products trade deficit widened
South Korea
Published Jul 8, 2021
Tridge summary
In the 10 years since the Korea-EU Free Trade Agreement (FTA) came into force, it was found that Korea's trade deficit with the EU for agricultural and fishery products increased significantly. While imports increased mainly from livestock products such as pork and cheese, and dairy products, it was confirmed that the imports of processed foods, which were rarely subjected to an import impact assessment, also increased sharply. These details are included in the ‘Trade Report’ titled ‘Performances and Implications of the 10th Anniversary of the Korea-EU FTA’ recently published by the Korea International Trade Research Institute (KITA). The Korea-EU FTA, which went into effect in July 2011, is evaluated to be the second highest after the Korea-US FTA in terms of the level of openness to agricultural and livestock products among FTAs concluded by Korea. According to the report, EU imports of agricultural and fishery products last year amounted to $4.051 billion, up 138% from $1.72 billion in 2010, just before the entry into force. During the same period, Korea's agricultural and fishery food exports to the EU also increased from $198 million to $447 million.
Original content
In the 10 years since the Korea-EU Free Trade Agreement (FTA) came into force, it was found that Korea's trade deficit with the EU for agricultural and fishery products increased significantly. While imports increased mainly from livestock products such as pork and cheese, and dairy products, it was confirmed that the imports of processed foods, which were rarely subjected to an import impact assessment, also increased sharply. These details are included in the ‘Trade Report’ titled ‘Performances and Implications of the 10th Anniversary of the Korea-EU FTA’ recently published by the Korea International Trade Research Institute (KITA). The Korea-EU FTA, which went into effect in July 2011, is evaluated to be the second highest after the Korea-US FTA in terms of the level of openness to agricultural and livestock products among FTAs concluded by Korea. According to the report, EU imports of agricultural and fishery products last year amounted to $4.051 billion, up 138% from ...
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