Browse Data and Analysis

On July 1, 2024, the United States and Republic of Korea agreed to the labeling requirements outlined in this report regarding storage state for U.S. red meat and poultry products and U.S. processed red meat, poultry, egg, and dairy products.

Marketing Year (MY) 2024/25 rice production and consumption forecasts remain unchanged since the April 2024 Grain and Feed Annual Report. Post revised MY 2023/24 rice imports down based on the import tender fulfillment pace by the Korean government. Progress allocating the 2024 rice tariff rate quota (TRQ) has been favorable for the United States, but local distribution of imported U.S. table rice has not kept pace, as auctions remain suspended since November 2023.

In marketing year (MY) 2023/24, with an increasing trend in area planted and assuming regular yields, Post estimates lemon production to grow by 6.7 percent and reach 175,000 (MT) metric tons. Chilean lemon exports will increase 8.8 percent, totaling 74,000 metric tons.

In marketing year (MY) 2023/24, higher than normal temperatures early in the winter and a slow accumulation of chilling hours caused a delay in the harvest, and subsequently a delay in export shipment, of most deciduous fruit.

Korea's food processing industry relies heavily on imports to fulfill its food and agricultural needs in order to manufacture a wide variety of food and beverage products.

This report outlines specific requirements for food and agricultural product imports into the Republic of South Korea. Updates to the 2024 FAIRS Country Report are included in Sections I, II, IV, V, VI, VII, X and Appendix II.

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

The Korean government’s policy incentivizing farmers to replace rice acreage with other crops is the driving force behind record low rice planting and production projected in marketing year (MY) 2024/25.

On July 7, 2024, Chile’s new alcoholic beverages labeling law will come into force. The law aims to warn drivers, pregnant women, and minors about the impacts of consuming alcohol and to restrict the advertisements that could be directed to minors.

Chile has a modern and developed food and beverage processing industry. The Chilean food sector is the second most relevant export sector in the country after mining. There are significant opportunities for imported food ingredients in Chile, as half of all ingredients used by the food processing industry are imported.

For MY 2024/25, Post estimates that wheat area harvested will total 195,000 hectares (ha), a 2.5 percent decrease from MY 2023/24 to due to high input costs and low prices. Wheat production will reach 1.17 million metric tons (MMT).

Breaking with historical practice, Korean soybean crushers began operating below full capacity in mid-2023 and are forecast to further reduce crush volume into marketing year (MY) 2024/25. Soybean imports are forecast to recover slightly from MY 2023/24, but will still remain below average levels on sluggish crushing demand.