Browse Data and Analysis

Rice production in Guatemala is slowly declining due to limited access to improved seed varieties and an insufficient domestic supply of locally developed seeds.

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.

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.

Guatemala continues to be a net importer of both yellow corn and rice. Corn area and production in MY2024/2025 are forecast to slightly increase to keep up with increased consumption for both food and feed; the avian sector keeps steady growth at 3-4 percent annually.

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.

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.

Corn production in 2023/2024 is forecast to increase slightly, despite a reduction in planted area, as commercial farmers look positively at 2023 average record prices of $625/metric ton (MT) at the wholesale markets.

FY2022 agricultural exports reach record levels.

Guatemala continues to be a net importer of both yellow corn and rice. Corn area and production in MY2022/2023 are forecast to shrink one percent as some commercial farmers have decided not to plant corn given record high increases of more than 100 percent in fertilizer costs (mainly urea) and a nearly 90 percent increase in oil prices.

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.