Korea is the fourth largest market for US agricultural products, with an economy expected to grow by 8.5 percent in 2000. The country is rebounding strongly from a serious financial crisis that hit in 1997. Uncertainty still exists in the economy due to debt restructuring of major Korean companies and the ramifications, such as employee layoffs and downsizing. They have been particularly hard on imported foods. Koreans like meat, beef and pork.
Korean barbecue is a popular cooking method, which is best suited for fattier cuts of meat.
The Korean pork import market was liberalized on July 1, 1997. Pork is a staple in the Korean diet, and consumption is expected to grow as the economy improves. In the last three years, Korean pork processors built up a strong export market to Japan, selling primarily loins. In the summer of 2000, Korea had an outbreak of FMD that stopped all exports and has depressed domestic pork prices. Beef imports are subject to retail regulations that restrict distribution to designated end users.