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.

U.S. beef exports to East Asia in 2022 are again on record pace after a record year in 2021. Despite economic uncertainties due to the COVID-19 pandemic, continued global supply chain challenges, and a competitive global beef market, U.S. beef exports to East Asia, both in value and volume, were outstanding in the first half of 2022.

Reduced open field "Unshu" mandarin harvest in the southern part of Jeju Island will drive Korea's total citrus production down slightly in 2022/23. Overall fruit quality is expected to be above average following reduced rainfall during the growing period, with higher Brix and lower sourness levels.

The ongoing revival of South Korea’s food service sector strengthened consumer demand for beef and pork in 2022. This positive trend is expected to continue in 2023 as Korea’s hotel, restaurant, and institutional sectors gain momentum in a post-covid market.

On November 4, 2022, the Korea Agro-Fisheries & Food Trade Corporation (aT) announced the results of the 2022 U.S. orange tariff rate quota (TRQ) allocations. Korea switched to a new license allocation system this year, replacing the import rights auction process used in prior years. A key piece of the new allocation system is that 80 percent of the total TRQ is reserved for importers with historical import volumes, while the remaining 20 percent is reserved for new importers.

FY2022 agricultural exports reach record levels.

Korea’s 2022/23 pear production is projected to increase by 16 percent, driven mostly by increased yields due to favorable weather. Korean pear consumption is projected to rise by 14.3 percent following a 6 percent fall in market prices, with the balance of increased production going to exports. Fresh pear imports (including U.S. origin) are not allowed under Korea’s existing phytosanitary regulations.