04/21/08 US beef exports to Korea resume

The US and South Korean governments have reached agreement on the resumption of American beef trade. National Cattlemen's Beef Association chief economist Greg Doud says this is a big deal with big dollars involved, bigger than the 800 million dollar price tag in 2003, the last year of US exports to Korea. DOUD "Its a billion dollars day one on an annualized basis and I think over time, you know the next step is to get this free trade agreement passed. This is going to be easily the biggest bi-lateral free trade agreement we've ever signed in beef and it may be the biggest we ever do." Because South Korea is such a large market NCBA chief executive Terry Stokes says resumption of beef trade from animals of all ages will give the US cattle market an immediate boost. STOKES "When we look at just one of the products that they buy, beef short ribs we'll see a 20 to 30 dollars per head in added value to our cattle." Doud predicts that the South Korean market will rival Mexico in the next several years as the number one US beef export market. May 15th is the target date for the resumption of US beef exports to South Korea. Today's Idaho Ag News Bill Scott