Browse Data and Analysis

While per capita grain consumption in Korea remains steady, or declining in the case of rice, increased manufacturing of K-food for exports drives total consumption, offsetting decreases in other sectors.

In MY2025/2026, Taiwan’s wheat imports are forecast at 1.38 MMT supported by Taiwan consumers’ preference for more diverse food offerings including wheat-based products and a vibrant baking industry.

The Korean government revised its marketing year (MY) 2024/25 rice production estimate down to reflect a 2-percent yield reduction from extreme heat, untimely rains, and pest damage.

On December 23, 2024, the Taiwan Ministry of Agriculture (MOA) announced the “Comprehensive Upgrade Plan for the Grains Industry”. MOA’s plan calls for raising the guided purchase price for rice (the mid-tier purchase price) by NT$1.5/kg and increase its procurement volume.

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops.

Marketing Year (MY) 2024/25 rice production and consumption forecasts remain unchanged since the April 2024 Grain and Feed Annual Report. Post revised MY 2023/24 rice imports down based on the import tender fulfillment pace by the Korean government. Progress allocating the 2024 rice tariff rate quota (TRQ) has been favorable for the United States, but local distribution of imported U.S. table rice has not kept pace, as auctions remain suspended since November 2023.

The 2023 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2023 calendar year.

The Korean government’s policy incentivizing farmers to replace rice acreage with other crops is the driving force behind record low rice planting and production projected in marketing year (MY) 2024/25.

In MY2024/2025, Taiwan’s wheat imports are forecast at 1.4 MMT. The United States is expected to recover market share from Australia due to better competitiveness and availability. MY2023/2024 and MY2024/2025 corn imports are forecast to recover to 4.55 MMT due to improved feed demand outlook, with restocking in both the hog and poultry sectors.

In the final month of 2023, Korea finally completed allocating its country specific quota (CSQ) for rice imports totaling 408,000 MT (milled basis) under its 2023 tariff rate quota (TRQ) scheme. However, with most tenders fulfilled in the second half...

On December 22, 2023, Taiwan completed the last tender for 6,000 MT of U.S. long grain brown rice. This purchase concludes the tenders for the 2023 country specific quota (CSQ) for U.S. rice.

On November 14, 2023, Statistics Korea (KOSTAT) released its final estimate of 2023 rice production at 3.7 million metric tons (MMT), up an additional 0.5 percent from the initial rice production estimates released in early October and down 1.6 percent overall from the prior year.