U.S. Beef Faces Challenges in Korea Before Reaching Full Potential

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2015-07-20
Authors
Clemens, Roxanne
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Center for Agricultural and Rural Development

The Center for Agricultural and Rural Development (CARD) conducts innovative public policy and economic research on agricultural, environmental, and food issues. CARD uniquely combines academic excellence with engagement and anticipatory thinking to inform and benefit society.

CARD researchers develop and apply economic theory, quantitative methods, and interdisciplinary approaches to create relevant knowledge. Communication efforts target state and federal policymakers; the research community; agricultural, food, and environmental groups; individual decision-makers; and international audiences.

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Negotiations to reach an agreement on import health requirements to reopen the Korean market to U.S. beef took place over the past few years amid enormous political and public resistance in Korea. The expected benefi ts, however, will make the negotiations well worth the effort for both sides. In 2003, Korean imports of U.S. beef reached $749.3 million before imports were banned when a case of bovine spongiform encephalopathy (BSE) was diagnosed in the United States. U.S. beef began fl owing back into Korea in July 2008, and the value of these exports reached $270 million by the end of November. Despite this success, rebuilding exports to reach the full potential of this market will take time. The following is a brief overview of several market conditions that are dampening sales in the early months of renewed trade and longer-term expectations for conditions that would greatly increase demand and market access.

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