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Korea was the 5th largest country importer of U.S. agricultural and related products in 2022. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $5.9 billion in 2022.
The FAS/Seoul June 2023 Grain and Feed update covers changes to the Korean rice situation since the March 2023 Grain and Feed Annual report. Marketing year 2022/23 production and consumption will be unchanged, with a small decline in imports.
This report provides updates to the Korea Rice Production 2022 report issued by FAS/Seoul on June 28, 2022, based on new data released by the Korean Ministry of Agriculture, Food, and Rural Affairs (MAFRA) in December 2022.
On December 27, 2023, Korea issued its flexible tariffs (Adjustment and Tariff Rate Quota) list for certain agricultural, forestry and fishery products for calendar year (CY) 2023.