Food is going to be retailers' main import from the U.S. once the free trade agreement with the country comes into effect on March 15, according to a survey.
In the poll of 250 wholesalers and retailers released by the Korea Chamber of Commerce and Industry on Monday, 29.1 percent of respondents said they will increase imports of processed foods from the U.S. Some 27.9 percent said they will import more fresh food. Multiple answers were allowed.
Next came sundry goods (18.6 percent), cosmetics (12.8 percent), medicine and food supplements (11.6 percent), liquor (9.3 percent), and clothing (7 percent). Small and medium-sized firms said they will chiefly increase imports of processed and fresh food, sundry goods, and liquor, while large conglomerates took more interest in importing cosmetics, medicine and food supplements.
Some 54 percent of respondents pledged to reduce the sale prices of goods imported from the U.S. after the FTA takes effect, but only 24.4 percent of them said they will lower them in line with tariff cuts, while the rest said they will only partly reflect the tariff cuts and pocket the difference.