Food traders told: Tap Korean market

Exploiting the largely untapped food market of South Korea could help rebalance the country’s trade deficit.

The government is encouraging more Filipino food exporters, especially of fresh fruits, seafood and poultry, to exploit the potential and penetrate the huge South Korean food market.

“Korea is a net importer of food; they don’t produce enough food for their people. Seventy percent of food consumption in Korea is imported… (and is growing) around 8 percent a year so it’s very big market,” said Emman Ang, executive director of Foreign Trade Service Corps (FTSC).

According to Ang, the Philippines is a huge exporter to Korea of fresh fruits, particularly mango and bananas, as well as frozen seafood, confectionary, biscuits and other products.

“Some of the things that are very popular in Korea right now are bananas (which comprise) 80 percent of the market there; (and) pineapples also. Most of the pineapples you see in the supermarkets usually are Philippine pineapples. Mangoes as well, also calamansi is very popular,” he said.

Ang further said the Philippines can now export chicken to Korea after it finally opened its poultry market two years ago following a decade of negotiation.

“Chicken exporters have not yet taken advantage of this opportunity,” he noted.

Ang said the country can likewise export high-value vegetables like okra (lady finger).

“Aside from these fresh fruits and frozen seafood, there are some other areas that we have not really tapped but which can be areas where we can export in food. One of them would be coffee, coffee-related products, anything that can be sold in a coffeeshop,” he added.