- Between 2015 and 2016, Korea imported AUD$19.7 billion worth of Australian goods.
- As of 2018, "Korea is Australia’s fourth largest trading partner."
- According to the Australian Trade and Investment Commission (Austrade), "South Korean consumers regard Australia as a clean and green environment, which produces quality food products and ingredients. Major Australian exports include beef, sugar, wheat, malting barley, oil seed, cheese, corn, potato, wine and dairy products such as butter and cheese."
- The same entity has created the Food and Beverage Market Entry Guide: Export Opportunities for Australian Businesses which "is a comprehensive guide that acts as a starting point for Australian food manufacturers and brand owners who are creating or refining an export strategy for the South Korean market."
Early in 2020, the "Australian Chamber of Commerce in Korea (AustCham Korea) hosted the 2020 Australia-Korea Business Awards."
Highlights from the Wine and Beer to Korea report from Austrade include:
- "In 2015, Korea’s wine market was worth US$189.8 million. KAFTA has helped put Australian wines on equal footing
with Chilean, European and American wines by removing
the 15% tax.
- In 2015, Australian wines made up 4.6% of Korean wine imports.
- "Beer is Korea’s favorite alcoholic beverage."
- Historically, Koreans have not looked for variety in beers. However, "Korean consumers (are) increasingly preferring drinks with
a lower alcohol content and premium-quality beer. This is
driving the rapid increase of imported beer sales."
SUMMARY OF EARLY FINDINGS
The initial hour of work has been focused on assessing the Korean market on a high level only. Time did not allow for the Indian market to be explored. It is recommended that additional research commence to further evaluate both markets and to provide cases studies of Australian brands who have been successful in penetrating each of the two markets.