South Korea: 2025 Adjustment and Voluntary TRQs for Agricultural Commodities

On December 31, 2024, Korea issued its flexible tariff Adjustment and Tariff Rate Quota list for certain agricultural, forestry and fishery products for calendar year (CY) 2025. Flexible tariffs, which include tariff rate quotas (TRQs) and adjustment duties, are utilized by the Korean government to stabilize consumer prices and balance supply and demand. Korea’s 2025 tariff adjustments were relatively unchanged from the previous year. However, in response to continued food price instability, Korea expanded TRQs for certain agricultural and food ingredient commodities, including fruits and fresh vegetables. Overall, U.S. agricultural and related exports will receive more favorable tariff rates under the U.S.-Korea Free Trade Agreement (KORUS), but tariffs on U.S. oranges imported beyond the KORUS seasonal quota will be reduced from 50 to 20 percent in January and February.