As the 5th largest country export market for the United States, Korea provides a promising market for U.S. agricultural products. In 2021, Korea imported about $43 billion agricultural & food products from all over the world and the U.S. supplied a quarter of it, ranking number one. Other key suppliers were China, Australia, Brazil, and Vietnam.
On November 4, 2022, the Korea Agro-Fisheries & Food Trade Corporation (aT) announced the results of the 2022 U.S. orange tariff rate quota (TRQ) allocations. Korea switched to a new license allocation system this year, replacing the import rights auction process used in prior years. A key piece of the new allocation system is that 80 percent of the total TRQ is reserved for importers with historical import volumes, while the remaining 20 percent is reserved for new importers.
In 2020, sales of the HRI food service sector reached 140 trillion KRW (122.2 billion USD), a decrease of 3.1 percent from 2019. The pandemic affected the sector harshly and most of its sub-sectors experienced decreases in sales.
The lobster market in Korea was hit hard by the COVID-19 pandemic in 2020. In 2021, Korean lobster imports totaled 413.6 metric tons. The United States was the second largest supplier, holding a 7.7 percent market share by volume. Canada is the largest supplier.
This report outlines the specific requirements for food and agricultural product imports into the Republic of South Korea. Updates to the 2022 FAIRS Report are included in Sections V, VI, VII and Appendix II.
On December 10, 2021, Korea released its 2022 Market Access Quota (MAQ) updates, which cover a variety of agricultural commodities ranging from mung bean, red bean, soybeans to various feed ingredients. These MAQs are used to minimize local price fluctuations resulting from domestic supply shortages.
Korea has issued its annual list of adjustment tariffs and voluntary tariff rate quotas (TRQs) for certain agricultural products for calendar year 2022. Korea’s 2022 tariff adjustments were relatively unchanged from the previous year; however, expanded TRQ’s in a handful of agricultural commodities will increase opportunities for U.S. agricultural exports, particularly in feed grains and food ingredients.
This report includes technical information and certificate requirements for food and agricultural product exports to the Republic of South Korea. Notable updates include dairy export certification for Korea and the NAQS electronic import certification for processed organic products.
This report outlines specific requirements for food and agricultural product imports into the Republic of South Korea. Updates to the 2021 FAIRS Report are included in sections I, II, III, IV, V, VII, VIII, IX and Appendix II.