Korea has been one of Alaska’s most important trading partners. Anchorage is an international transportation hub and Korean Airlines provides critical nonstop passenger and cargo links to Asia from Ted Stevens Anchorage International Airport. Korean companies have made a sizeable investment in Alaskan transportation, coal and fisheries industries. Alaska also has a large Korean-American community of about 6,000, who contribute to the civic and cultural vitality of Alaska. In 1985, Alaska was the first state to open a trade office in Seoul.

Trade numbers for Korea increased dramatically in 2003, a 36% growth over 2002, rising $150 million. Over the last two years, Korea’s total market share of Alaskan exports jumped from 17% to 22%.

Korean imports of all major Alaskan products are increasing. Sale of seafood to Korea rose 38% in 2003, up $86 million. This was largely due to the sale of salmon roe which more than doubled, from $68 million to $142 million, an increase of 109%. Korea’s importance to Alaska seafood both as a consumer and its role as an international broker in that sector is growing.

Sale of fertilizer was also strong in 2003, a 33% increase which provided an additional $27 million in the Alaskan economy. Korea almost doubled its zinc purchases from Alaska, a $29 million increase and lead exports climbed 6%, an $800,000 increase.

In 2003, a successful negotiation with Korean East West Power Company led to the renewal of its coal contract with Usibelli for 400,000 metric tons per year for two years.

In August 2003, the State of Alaska hosted a Korea/Pacific States conference of the Korea U.S. Economic Conference. The event attracted over 130 Korean, Alaskan, and U.S. West Coast business representatives and officials to Anchorage.