Queensland seeks new Korea path via critical minerals

ADDED demand for critical minerals is a key plank of plans by Queensland authorities to build the trade relationship with South Korea.

Trade and Investment Queensland has just announced the appointment of a new trade and investment commissioner in Seoul, with Michael Kocken taking on a role aimed at supporting exporters and facilitating investment.

According to TIQ, while energy and minerals remained foundational for the South Korea–Queensland trade relationship, there were also new opportunities in terms of food and agriculture.

South Korea was Queensland’s third largest goods trading partner in 2024, valued at $22.1bn and in that same year 38% of Australian goods exports to that nation were sourced from Queensland.

Queensland good exports to South Korea in 2024 were valued at $14.5bb, with major commodities including coal ($6.8 billion), meat ($1.6 billion) and metalliferous ores ($1.6 billion).

A spokesperson for TIQ said since the Korea-Australia Free Trade Agreement (KAFTA) took effect a decade ago, Queensland exports to South Korea have risen from $5.6 billion in 2015 to $14.5 billion in 2024.

Among agricultural exports, the top three commodities with the highest percentage growth over the past decade were:

• Beef — up 44%
• Meat — up 68%
• Edible products — up 141%

For mineral commodities, the strongest growth was recorded in:

• Non-ferrous base metal waste — up 4,144%
• Coal — up 316%

The TIQ spokesperson said the focus of their South Korea office was on converting trade relationships into long-term investment partnerships.

“While South Korea is a consistent top five rank for trade partnerships with Australia, it is currently 19^th for foreign direct investment, so TIQ is focused on bringing more opportunities to South Korean investors and also providing those investors in Queensland with the context and support services to strengthen their investor confidence,” they said.

“Energy and minerals remain foundational and the South Korea–Queensland trade relationship is dominated by LNG and both thermal and metallurgical coal and also includes strategic mineral exports such as zinc and aluminum."

South Korean interest is reported to be increasing in critical minerals such as silica, graphite, bauxite, and tungsten.

Queensland beef exports also make up almost 70% of the Australian beef that is exported to Korea, backed by marketing from Meat & Livestock Australia and enhanced market access through tariff reductions under KAFTA.

Queensland goat meat is also said to be growing in popularity among South Korean importers seeking whole carcasses with skin-on, used in traditional Korean dishes.

TIQ has worked with suppliers such as Western Meat Exporters in Charleville to build relationships with South Korean buyers and meet this growing demand.

“Queensland has a growing cohort of health and beauty brands including vitamins, supplements, skincare, and wellness products and this aligns well with South Korean consumer preferences,” the TIQ spokesperson said.

“South Korea is a leading trendsetter in the Asia-Pacific for health and beauty and Queensland exporters are well placed to leverage South Korean demand as both a consumer market and regional influencer.”

South Korea’s importance as a key trade partner to Queensland was raised late last year, when Queensland trade minister Ros Bates made Korea, along with Japan, her first trade mission destination.