Browse Data and Analysis

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.

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.

In 2020, sales of the HRI food service sector reached 140 trillion KRW (122.2 billion USD), a decrease of 3.1 percent from 2019. The pandemic affected the sector harshly and most of its sub-sectors experienced decreases in sales.

A Tableau visualization comparing exports to the current top U.S. agricultural export markets since 1989.

The lobster market in Korea was hit hard by the COVID-19 pandemic in 2020. In 2021, Korean lobster imports totaled 413.6 metric tons. The United States was the second largest supplier, holding a 7.7 percent market share by volume. Canada is the largest supplier.

An increasing number of Korean customers are making values-based consumption decisions. Korean customers are willing to pay more for eco-friendly products.

The 2021 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world.

This report outlines the specific requirements for food and agricultural product imports into the Republic of South Korea. Updates to the 2022 FAIRS Report are included in Sections V, VI, VII and Appendix II.

This report includes technical information and certificate requirements for food and agricultural product exports to the Republic of South Korea.

On December 10, 2021, Korea released its 2022 Market Access Quota (MAQ) updates, which cover a variety of agricultural commodities ranging from mung bean, red bean, soybeans to various feed ingredients. These MAQs are used to minimize local price fluctuations resulting from domestic supply shortages.

Korea has issued its annual list of adjustment tariffs and voluntary tariff rate quotas (TRQs) for certain agricultural products for calendar year 2022. Korea’s 2022 tariff adjustments were relatively unchanged from the previous year; however, expanded TRQ’s in a handful of agricultural commodities will increase opportunities for U.S. agricultural exports, particularly in feed grains and food ingredients.