Source: National Corn Growers Association
The National Corn Growers Association applauds the agreement reached on the trade pact between the U.S. and the Republic of Korea. South Korea is one of the top five corn export markets for the United States and a potent growth market for corn products such as dried distillers grains (DDGS).
“We are very pleased to see the Korea FTA moving forward,” Bart Schott, President of the National Corn Growers Association from Kulm, N.D. said. “The Korean market is very valuable to the American corn farmer and we fully support this FTA. We look forward to working on its passage as soon as possible in the new Congress.”
The FTA provides that feed corn receive immediate duty-free treatment. In addition, Korea’s WTO bound rate for DDGS is currently 6.6 percent. The FTA provides immediate duty-free access for DDGS into the Korean market. Value-added corn products such as pork exports are also anticipated to increase significantly under the agreement. In 2010, South Korea imported 351,389 metric tons of dried distillers grains from the United States.