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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.
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.
Korean imports of seafood in 2017 totaled $4.98 billion, up 10.7 percent from 2016 due to rising prices and increased imports of white fish and shrimp.
In Marketing Year (MY) 2019 (January – December), Korea’s chicken production is projected to increase about 2.4 percent to 932,000 metric tons (MT) from 910,000 MT in MY 2018....