South Korea: Retail Foods
Expansion and diversification of large-scale retail businesses coupled with the introduction of information technologies has led to a rapid evolvement of the retail food sector in South Korea over the last two decades. Strong consumer demand for value, convenience, diversity and quality generates increased demand for imported food and agricultural products in the sector. The United States remains the leading supplier of consumer-oriented food products to the Korean retail food sector. Korea’s imports of consumer-oriented food products from the United States totaled a record high $3.7 billion in 2016. Reduction of import tariffs under the KORUS FTA should provide American products with additional opportunities in the sector.
