Fresh fruits, processed juices and concentrates, as well as coffee and cocoa, are the main, Costa Rican, potential products that can be exported to South Korea, a country that signed a Free Trade Agreement with Costa Rica.
According to the Costa Rican Trade Promotion Agency (PROCOMER), this is a developed, Asian country with a sophisticated and demanding consumption in terms of innovation and quality. This is highlighted in a study dedicated to explore the Korean market.
Based on the study, Korean consumers are enthusiastic about new ideas and trends, which drive their taste for new, healthy, sustainable products.
The population of South Korea has a high income ($ 36,500 per capita in 2015), which places it as a population with unsatisfied basic needs and that is willing to spend more share of expenditure in material growth and emotional satisfaction.
The production structure of the Republic of Korea is concentrated in services and manufacturing, which indicates a dependence on imports for their food needs, many of which are already served by its Asian neighbors, but Latin American countries are having an increasing participation.
Pedro Beirute, PROCOMER manager, said that the study is a tool that the institution has for domestic exporters, to offer valuable information to help them make better business decisions.
South Korea has a strong food industry that depends on imported inputs. Frozen fruits and fruit purees are raw materials for food manufacturers, coffee shops and beverage companies. Therefore, the food industry is a great way to enter the country, with the advantage that there is also a favorable perception of Latin American products.
The negotiation of the Free Trade Agreement between the Central American countries and South Korea was launched in June 2015 as an agreement among seven countries.