NZ beef exports to benefit from FTA with Korea

10 December 2015


A Free Trade Agreement (FTA) between Korea and New Zealand is expected to enter into force before the end of 2015, according to Beef + Lamb NZ (BLNZ). This will reduce the tariff burden on NZ beef exports into Korea, in a similar fashion to the Korea-Australia FTA in 2014.

Around one fifth of the total tariff burden of NZ beef exports in 2014 was applied on beef exported to Korea – NZ$64 million of a total NZ$323 million. The current tariff on NZ beef imported into Korea is 40%. There will be two tariff cuts within two weeks of each other – the first when the FTA enters into force on 20 December and then again on 1 January 2016.

BLNZ notes that although Korea is NZ’s fourth largest beef export market, trade volumes have dropped due to tariff advantages that other countries – notably the US and Australia – have gained in the last few years. There is hope in the NZ beef industry this will improve their competitiveness in Korea.

Back to News

Join myMLA today

One username and password for key integrity and information Systems (LPA/NVD, NLIS, MSA & LDL).

A personalised online dashboard that provides news, weather, events and R&D tools relevant to you.

Customised market information and analysis.

Learn more about myMLA

myMLA Sign Up

Already registered for myMLA?

Sign in here