South Korea: Additional Tariff Rate Quotas for Agricultural and Livestock Items

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. The additional TRQs for price stabilization focused on consumer-oriented products like fresh vegetables, meat, and seafood, to relieve the burden of rising food prices on consumers. Similarly, TRQs for intermediate products, such as food and beverage ingredients, feed products, and fish bait, were targeted to lower the production cost of processed foods and drinks, livestock, and seafood, respectively. The additional TRQs are not expected to dramatically increase exports of U.S. agricultural and fishery products to Korea in 2023.