MAP, FMD Funding Boost USGC Efforts in S Korea
SOUTH KOREA - US grain farmers' check-off investments in international market development, combined with USDA Foreign Market Development (FMD) and Market Access Programme (MAP) funds, have helped grow US distillers dried grains with soluble (DDGS) exports to South Korea by almost 500,000 metric tons.
13 June 2011
2 minute read
As a result of this promotion, US DDGS has a bright future in this country.
Since the beginning of these promotion efforts in 2004, the US Grains Council has facilitated export promotion trips to and from South Korea, sponsored a number of feed trials and helped facilitate contact between US growers and producers with their end-user counterparts in Korea. The outcome of these efforts has been to drastically increase the utilisation of US DDGS in the South Korean market.
As the use of US DDGS in Korea has increased – from 4,000 metric tons in 2004 to 503,000 tons in 2010 – the financial returns for US farmers and producers have also skyrocketed. DDGS exports to Korea in 2004 accounted for a mere $86,000, but have grown to a stunning $102 million in 2010. Exports of DDGS have remained strong this year as well, valued at $19 million through April.
All told, the Council believes Korea has the capacity to import more than two million tons a year at the currently accepted inclusion rate and is optimistic for increased Korean imports of US DDGS in the near future.
