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FAS/Seoul forecasts 2025 Korean cattle production and slaughter will drop to 951,000 head and 1,078,000 head respectively. FAS/Seoul forecasts 2025 beef imports to dip to 574,000 metric tons (MT).
Favorable pricing and weather conditions for New Zealand cattle farmers have resulted in a retention of finishing cattle on farms and less slaughter in 2024. Farm operations face challenges with continuing financial pressure such as high debt, increasing on-farm inflation, and declining farmgate margins.
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.
Following a gradual decline in the national cattle herd over the previous years, breeding cow numbers for beef and dairy are looking to stabilize in 2024. At the end of 2023, a new national coalition government was elected.
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 2022 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2022 calendar year.
South Korea's rebounding consumer demand for beef and pork, together with elevated retail prices, led to greater domestic slaughter and import totals in 2022 and into 2023.
Since hitting peak numbers in 2016, the New Zealand national cattle herd has been very gradually declining and this is expected to continue in 2023.
The ongoing revival of South Korea’s food service sector strengthened consumer demand for beef and pork in 2022. This positive trend is expected to continue in 2023 as Korea’s hotel, restaurant, and institutional sectors gain momentum in a post-covid market.