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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.
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.
Zimbabwe’s production of its staple crop, corn, is expected to drop by almost 60 percent in marketing year 2024/25 due to extreme drought conditions associated with the El Niño weather phenomenon.
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.
Rice production in Korea is forecast to be gradually down in marketing year (MY) 2023/24 on reduced acreage in response to government incentives encouraging farmers to switch to other grains, such as wheat and soybean.
Zimbabwe’s corn crop for marketing year 2023/24 is estimated at 1.5 million metric tons. This represents an increase of five percent from the previous marketing year’s crop, mainly due to a normal rainfall season in the northern parts of the country.
FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.
FY2022 agricultural exports reach record levels.
Zimbabwe’s corn crop for marketing year (MY) 2022/23 is estimated at 1.6 million metric tons (MMT), representing a drop of 43 percent from the bumper crop of 2.7 MMT produced in MY 2021/22. Many factors contributed to the drop in production including sub-optimal weather conditions, high input costs and macro-economic challenges.
The 2021 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world.
FAS/Seoul projects Korea’s corn imports and consumption to increase in 2022/23 to support anticipated growth in animal inventories, following an expected decrease in corn imports in 2021/22 due to the war in Ukraine. Korean wheat consumption in 2022/23 is forecast to decline 15 percent due to reduced feed wheat supply.
FY2021 agricultural exports reach record levels.