S. Korea's farm exports may miss US$4.5 bln target this year

SEOUL, Dec. 18 (Yonhap) -- South Korea's farm export target may fall short of the US$4.5 billion goal set last month, the head of the state-run Agro-Fisheries Trade Corp. said Thursday.

Youn Jang-bae told reporters that under normal circumstances, exports in the last
two months of the year grow by about 11 percent on-year, which could push this
year's total up to $4.4 billion.
However, the executive pointed out that a growing number of overseas buyers are
canceling orders because of the drop in demand and difficulty in getting
financing amid the current liquidity crunch.
Originally, Seoul projected total exports to hit $4.1 billion, up from $3.7
billion last year, but the depreciation of the Korean won against foreign
currencies made locally grown produce cheaper abroad. In addition, the Chinese
melamine scare caused a reassessment of growth.
The president said it may be possible to reach the target if $70-80 million can
be added to the usual export total for December, but conceded that such gains may
not be easy.
"At present, it would be best to remain neither optimistic nor pessimistic about
this month," he said.
He said talks have been carried out with executives of E-Mart, which has its own
distribution network and stores in China, to fuel exports.
Youn said that while efforts by the corporation's employees and exporters
probably contributed $70 million to exports last month, cooperative efforts with
foreign missions may also contribute to this year's total. The agriculture
ministry signed a deal with the foreign ministry to use overseas embassies and
consulates to sell locally grown farm goods abroad, he said.
On future prospects, he said that even if the $4.5 billion target is reached this
year, next year may be harder.
The Korean won has started to rise compared to the past few weeks and the global
economic slump may sap demand, making it harder to export goods, he said.