Browse Data and Analysis

Ample opportunities exist for U.S. agricultural exports to South Korea. Highlighted in the chart above, U.S. agricultural product exports were a record $9.5 billion in 2022, up 2 percent from 2021. South Korea is the sixth largest export market for the United States, thanks in part to a successful free trade agreement (KORUS) between the two countries and a robust demand for high-quality U.S. food products.

The economy of People’s Republic of China (PRC) is facing headwinds for the remainder of 2023 that should continue into 2024 even though officials are exploring various stimulus efforts.

FAS/Tokyo forecasts a drop in 2024 cattle inventory on greater slaughtering of dairy cows, slower calf production, and no live cattle imports in 2023 and 2024.

In April 2023, the Ministry of Agriculture, Forestry, and Fisheries (MAFF) implemented a special measure under the Compound Feed Price Stabilization System to augment feed compensation payments to livestock, poultry, and swine producers.

Beef and pork production in 2024 is forecast to increase due to stronger producer returns from lower feed prices, as well as increased domestic and international demand.