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Impact of the South Korea-U.S. Free Trade Agreement on the U.S. Livestock Sector

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Abstract

The recently signed Korea-U.S. Free Trade Agreement (KORUS FTA) grants the U.S. livestock industry with preferential access to South Korea's import market. This study evaluates the likely impacts of the KORUS FTA on the U.S. livestock sector. Using the Food and Agricultural Policy Research Institute's modeling system, we find that livestock prices increase by 0.5% to 3.8% under the agreement. And together with an expansion by 381 to 883 million pounds in meat exports, the value of U.S. exports increase by close to U.S.$2 billion, or a 15.2% increase. Because of differential baseline starting market shares and differential rates and staging specifications, the beef sector results are primarily driven by trade diversion impacts, while a combination of trade diversion and trade creation characterizes the results in pork and poultry sectors.

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  • Jacinto F. Fabiosa & Dermot J. Hayes & Fengxia Dong, 2007. "Impact of the South Korea-U.S. Free Trade Agreement on the U.S. Livestock Sector," Center for Agricultural and Rural Development (CARD) Publications 07-wp455, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:07-wp455
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    Cited by:

    1. Wainio, John & Gehlhar, Mark J. & Dyck, John H., 2011. "Selected Trade Agreements and Implications for U.S. Agriculture," Economic Research Report 102754, United States Department of Agriculture, Economic Research Service.

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