Browse Data and Analysis

On November 14, 2023, Statistics Korea (KOSTAT) released its final estimate of 2023 rice production at 3.7 million metric tons (MMT), up an additional 0.5 percent from the initial rice production estimates released in early October and down 1.6 percent overall from the prior year.

In 2023, the Korean government implemented three rounds of tariff rate quotas (TRQs) for various imported agricultural, livestock, and fishery products, including new TRQs to stabilize food prices.

As the 5th largest country export market for the United States, Korea provides a promising market for U.S. agricultural products. In 2022, Korea imported about $50 billion agricultural and food products from all over the world and the U.S. supplied a fifth of it, ranking number one. Other key suppliers were China, Australia, Brazil, Vietnam, and Thailand.

Already reeling from high fruit prices, Korean consumers will face another year of expensive, lower-quality apples. Korea’s apple production for marketing year (MY) 2023/24 fell 25 percent year-on-year after orchards suffered a series of adverse weather events in 2023.

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.

Korea has not finalized the May 2021 revisions of its Living Modified Organism (LMO) Act, which defines Korea’s regulatory policies for products developed through innovative technologies including genome editing.

Despite the challenging economic environment, Korea’s wine imports in 2017 totaled a record high $210 million, up 10 percent from 2016.

In MY 2015/16, 37 percent of the total South Korean edible oil supply was palm oil, 35 percent was soybean oil, 9 percent was rapeseed oil and 20 percent was an assortment of other oils.

The imported beer market in South Korea continues robust growth due to strong consumer demand for products of diversified taste and higher quality.

Korea continues to meet its mandatory import volume of 408,700 metric tons (MT) from Most Favored Nation (MFN) countries, with purchases of 138,610 MT (milled) from the United States in CY 2017.

On December 26, 2017, Korea issued an updated list of adjustment tariffs and voluntary tariff rate quotas (TRQs) for certain agricultural, forestry and fishery products....