US Livestock Producers Would Agree On KORUS Positives

A report from the U.S. ag attache in Seoul details that the U.S. already faces lower import duties on shipments of pork and beef into South Korea as a result of KORUS, putting the U.S. at an advantage over both the European Union (EU) and Australia on beef. Plus, expansion of the U.S. hog herd is boosting U.S. competitiveness along with favorable duty treatment via KORUS. "U.S. pork has enjoyed increasing market share in 2017 thanks to a five percent increase in its pork production over the 2016 level," the attache said."The market share of U.S. pork has jumped from 29.9% in 2016 to 32.2% in 2017." On beef, the report stated, "Also, the increased price competitiveness of U.S. beef, coupled with lower duties coming from the KORUS Free Trade Agreement, will further enhance the competitiveness of U.S. beef in 2017 as well as 2018. Consequently, Post is lifting its 2017 beef import estimate and is forecasting 2018 imports marginally above this year’s forecast."