South Korea: Tree Nuts Market Brief Update 2016
The KORUS FTA (Free Trade Agreement) went into effect March of 2012, and the agreement’s elimination of tariffs for almonds and pistachios, as well as tariff reductions for walnuts, has expanded opportunities for U.S. tree nut producers. Since the KORUS FTA, the United States has been the primary supplier of tree nuts to Korea In total, 2015 U.S. tree nut exports exceeded 34,400 metric tons (MT), and generated over $367 million in value 2015 U.S. exports of walnuts exceeded 11,400 MT, resulting in a record $129.2 million. Korea’s 2015 imports of U.S. almonds surpassed 22.4 thousand metric tons (TMT), resulting in a record $231 million. Also, 2015 U.S. shipments of pistachios topped 569 MT, generating nearly $7.0 million in value.
