Browse Data and Analysis

Ample opportunities exist for U.S. agricultural exports to South Korea. Highlighted in the chart above, U.S. agricultural product exports were a record $9.5 billion in 2022, up 2 percent from 2021. South Korea is the sixth largest export market for the United States, thanks in part to a successful free trade agreement (KORUS) between the two countries and a robust demand for high-quality U.S. food products.

Vietnam is a growing market for beef and beef products, with demand driven by numerous factors including a growing population, economic growth, widening integration with global economies through free trade agreements, rising income per capita, and expanding modern retail and food service channels.

FAS Manila forecasts beef imports to remain flat at 200,000 MT Carcass Weight Equivalent (CWE) in 2024 because of low demand for imported beef.

Since reaching peak numbers in 2016, the New Zealand national cattle herd has been gradually declining, and this is expected to continue in 2024.

Australian beef supply is forecast to recover in 2024 to the point of reaching the sixth highest production on record.

The economy of People’s Republic of China (PRC) is facing headwinds for the remainder of 2023 that should continue into 2024 even though officials are exploring various stimulus efforts.

FAS/Tokyo forecasts a drop in 2024 cattle inventory on greater slaughtering of dairy cows, slower calf production, and no live cattle imports in 2023 and 2024.

In April 2023, the Ministry of Agriculture, Forestry, and Fisheries (MAFF) implemented a special measure under the Compound Feed Price Stabilization System to augment feed compensation payments to livestock, poultry, and swine producers.

Singapore imports more than 90 percent of its food and has a diverse, competitive array of trading partners. The United States and Singapore have a long-standing free trade agreement (FTA), and Singapore is a well-developed market for high-quality food and agricultural products.

The U.S.-Japan Trade Agreement (USJTA) entered Year 5 of the agreement implementation on April 1, 2023.

The 2023 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2023 calendar year.

The 2022 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2022 calendar year.