A study by CNA (the Brazilian confederation of agriculture and livestock) has pointed out that the signing of a free trade agreement with South Korea – the negotiations of which have been underway since 2018 within Mercosur – may increase Brazilian export revenue for at least 41 agricultural products. Looking at just a few of the leading products, the potential exceeds US$ 8 billion, four times more than the current export amount. South Korea, which is the seventh leading destination for Brazilian agribusiness exports, generating US 2.2 billion in revenue in 2020, buys 70% of the food it consumes from abroad. The Koreans have agreements with 18 markets, including Brazil’s competitors: China, the United States, New Zealand, Australia, the European Union, and also from Brazilian neighbors, such as Peru, Chile, and Colombia. According to the CNA analysis, the products with the most potential for exports to South Korea are meats (up to US$ 3.5 billion) and cereals (up to US$ 2 billion), with an emphasis on corn (US$ 1.7 billion). The organization also believes that items not very present in the South Korean market today can also gain space, such as soy (up to US$ 838.2 million), sugar and alcohol (up to US$ 706 million), beverages (up to US$ 359 million), coffee (up to $ 380.2 million), and fruit (up to $ 319.9 million).
Sources: Valor Economico/Datamar News