US Corn Going Big in Korea

KOREA - The United States is enjoying its largest market share percentage in 10 years in Korea's corn import market, according to US Grains Council Director in Seoul, Byong Ryol Min.
calendar icon 23 December 2008
clock icon 2 minute read

Mr Min reports that Korea has imported 8.8 million metric tons of feed grains and substitutes during the period of January through October, representing a 2.7 per cent increase over the 8.6 million tons imported during the same period last year.

"The United States enjoyed 83.2 per cent of the nation's total feed grains and substitutes import market, the highest since 1984 and a drastic increase compared with 39 per cent reported during the past three years," he said.

Of the total feed grains and substitutes imported, 87.8 per cent or 7.8 million tons (307 million bushels) was corn.

"The US market share in Korea's corn import market was recorded at 94.4 per cent, the highest in 10 years and a significant increase compared to the 48 per cent it held the past three years," Min said.

According to Mike Callahan, USGC senior director of international operations for Asia, there are two major factors involved in the United States' current market share jump in Korea.

"One reason behind this year's success is the fact that we've been able to regain a lot of lost share from over the past years, especially from during the time when China was exporting corn. Secondly, the Council has continued to provide trade and technical services to Korea through thick and thin, even when U.S. market share in Korea was depressed."

Mr Callahan said many new, younger faces have entered Korea's feed industry throughout the years and the Council has been working closely with them, educating feed representatives about the quality and supply of US corn and the reliability of U.S. producers in their abilities to meet Korea's feed needs.

"Because of these continuing customer services, Korean buyers have been kept well informed about US supplies and were able to quickly resume imports of US corn when local market conditions warranted a change in their supply-chain," he said.

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