Browse Data and Analysis

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).

Both EU beef and pork production, as well as exports, are forecast to temporarily increase this year. Beef production will increase because of high carcass and beef prices combined with an overall dim outlook for the sector, incentivizing farmers to slaughter their cattle.

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.

While EU beef production is forecast to further decline in 2024 due to a structural unprofitability of the sector and mounting environmental regulations, the EU pork supply is projected to rebound in 2024.

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.

Both EU beef and pork production are trending down to record lows in 2023 and 2024.

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.

High feed and energy prices and environmental restrictions are pressuring both cattle and swine farmers in the European Union (EU), leading to a reduction in operations.

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.

Forced by record high feed and energy prices and tightening environmental restrictions, EU cattle and swine farmers are scaling back production. High carcass prices have encouraged cattle farmers to advance the slaughter of their herds, but lower slaughter weights will put pressure on overall beef production this year.