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.

Korea’s juice market is dominated by large domestic manufacturers. Imports, while making up less than 15% of the market, are on the rise.

The jams, jellies and preserves market is growing steadily. Domestic manufacturers are expanding their market share by launching products targeted to Korean consumers’ needs.

Growth in e-commerce and meal delivery services have opened new sales channels for soft drinks.

Growth in the Home Meal Replacement (HMR) market and Korean consumer demand for more flavors have driven up imports of condiments and sauces.

Peanuts are popular in Korea and consumed in a variety of ways. Demand for peanuts and peanut butter is steady.

The cheese market is expected to continue to grow as cheese becomes increasingly integrated in Korea’s dietary culture.