U.S. Trade with South Korea in 2021
Top 10 Exports to South Korea in 2021
|Commodity||Total Value (USD)||Total Volume (Metric Tons)||10-Year Average Value (USD)||10-Year Growth|
|Beef & Beef Products||$2.36 Billion||277,443||$1.28 Billion||305%|
|Corn||$858.91 Million||3.23 Million||$722.82 Million||41%|
|Pork & Pork Products||$557.95 Million||167,623||$472.59 Million||32%|
|Wheat||$498.11 Million||1.73 Million||$380.01 Million||-23%|
|Food Preparations||$491.93 Million||16,450||$324.16 Million||152%|
|Fresh Fruit||$429.82 Million||181,268||$411.31 Million||16%|
|Dairy Products||$420.94 Million||125,661||$316.75 Million||87%|
|Fish and Seafood||$418.9 Million||145,704||$486.26 Million||-1%|
|Tree Nuts||$343.93 Million||59,147||$310.26 Million||28%|
|Ethanol (non-bev.)||$333.4 Million||---||$125 Million||1036%|
Data and Analysis
Attaché Report (GAIN)
South Korea: Changes to Korean Import Allocation System for Oranges
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.
Attaché Report (GAIN)
South Korea: Fresh Deciduous Fruit Annual
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.
News and Features
August 29, 2022
Joint Media Release Following APEC Food Security Ministers Meeting
Australia, Canada, Japan, New Zealand, the Republic of Korea, and the United States issued a joint statement following the conclusion of the 2022 APEC Food Security Ministers Meeting hosted by Thailand.
February 8, 2022
American Agricultural Exports Shattered Records in 2021
The American agricultural industry posted its highest annual export levels ever recorded in 2021, Secretary of Agriculture Tom Vilsack announced today.
May 26, 2021
USDA Forecasts Record Farm Exports in FY 2021
The quarterly trade forecast released today projects fiscal year 2021 U.S. farm exports at $164 billion – the highest total on record. This represents an increase of $28 billion from last fiscal year and $7 billion from USDA’s previous forecast.