Soy Canada Completes Successful Trade Mission in Japan and South Korea
Soy Canada commented today on its successful and productive trade mission to South Korea and Japan. The mission provided Soy Canada with the opportunity to showcase Canada’s soybean industry to critical markets and to promote soybeans and soy products abroad.
This marked Soy Canada’s first market development mission to South Korea at a time when industry is working hard to build on the new Canada-Korea Free Trade Agreement, which came into effect in 2015. South Korea is a relatively new market for Canada’s food-grade soybean sector. Several businesses, industries and associations showed great interest in Canada’s food-grade varieties. Soy Canada met with the Korea Agriculture, Fisheries and Food Trade Corporation as well as other South Korean industry associations representing tofu, soy sauce, soymilk and other end products.
“Demand for Canadian soybeans in South Korea is strong,” said Soy Canada Executive Director Jim Everson. “Customers in South Korea are attracted to the wide variety and high quality of soybeans offered by Canadian suppliers as well as the quality assurance that accompanies Canadian products.”
South Korea is also a net importer of soybeans for the animal feed and vegetable oil sectors. Soy Canada held meetings with representatives from the two major South Korean soybean processing companies, CJ Corporation and Sajo-Haepyo Corporation. Both discussions offered key insights into the country’s requirements and provided opportunity for Soy Canada to demonstrate our sector’s growing soybean export capacity.
The second segment of the mission to Japan was Soy Canada’s second visit to the country. Delegation members held a seminar with approximately 130 companies and associations with an interest in Canada’s food-grade soybeans. Soy Canada met with tofu and miso association representatives as well as other soybean importers and processors. The meetings provided an opportunity to update customers on Canada’s 2015 crop quality and production and to discuss trade forecasts.
Over the last four years, Canada has exported over 1.2 million metric tonnes of food-grade soybeans to Japan at a value of nearly $1 billion, and approximately 204,000 metric tonnes of commodity soybeans totaling over $146 million. During the same period, Canadian food-grade soybean exports to South Korea have reached nearly 50,000 metric tonnes at a value of over $44 million.
The Soy Canada trade delegation included representatives from DG Global, Grain Farmers of Ontario, Hensall District Cooperative, Huron Commodities Inc., Sevita International, St-Lawrence Beans, and Thompsons Limited. Everson concluded, “We also like to thank the Government of Canada for its support and the Canadian Grain Commission for its support and participation in the mission.”
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