Nut Talk

US pistachio growers welcome successful conclusion of South Korea-US FTA


US pistachio growers welcomed the April 2, 2007 announcement that the U.S. and South Korea have successfully concluded a free trade agreement (FTA)."We are very pleased by the announcement," said Stewart Resnick, president, Paramount Farms. "While South Korea represents an estimated $38 million in revenue per year for America's pistachio growers, the existing 30 percent tariff on pistachios was a significant hurdle to realizing that market. We understand that once it goes into effect, the free trade agreement provides for immediate duty-free treatment of U.S. pistachios.This presents a tremendous opportunity for America's pistachio growers. Welook forward to working with the U.S. Congress to swiftly approve theagreement." California represents approximately 98 percent of U.S. pistachioproduction. The industry produces an average of 242 million pounds ofpistachios a year, and employs thousands of workers.The industry has grown more than three times in value in the past ten years to over $500 million today. Based on current estimates, the industry expects to grow to over $1 billion in the next ten years. Exports are fundamental to this growth.Source: prnewswire.com