U.S. agricultural exports to Korea
U.S. agricultural exports to Korea can be divided into two groups: inputs for Korean industries, and products that compete with the outputs of Korean industries. Some of the "input" goods include wheat, corn, soybeans, cotton, and hides used in processing that are imported with little or no tariff. This is because (1) they do not displace domestic Korean production, and (2) the industries that use them need low-cost inputs to compete in the Korean and global marketplaces. The products from which the United States could gain the most from a U.S.-Korea Trade Agreement include those: (1) where tariffs are currently high, (2) that are competitive with Korean producers, and (3) where Korean demand responds strongly to lower prices. This chart is from the ERS report, Selected Trade Agreements and Implications for U.S. Agriculture, ERR-115, April 2011.
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