Korea was the 5th largest country importer of U.S. agricultural and related products in 2022. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $5.9 billion in 2022.
The FAS/Seoul June 2023 Grain and Feed update covers changes to the Korean rice situation since the March 2023 Grain and Feed Annual report. Marketing year 2022/23 production and consumption will be unchanged, with a small decline in imports.
This report outlines specific requirements for food and agricultural product imports into the Republic of South Korea. Updates to the 2022 FAIRS Report are included in Sections I, II, IV, V, VI, VII, X and Appendix II.
FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.
This report provides updates to the Korea Rice Production 2022 report issued by FAS/Seoul on June 28, 2022, based on new data released by the Korean Ministry of Agriculture, Food, and Rural Affairs (MAFRA) in December 2022.