Browse Data and Analysis

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops.

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.

Rice production in Korea is forecast to be gradually down in marketing year (MY) 2023/24 on reduced acreage in response to government incentives encouraging farmers to switch to other grains, such as wheat and soybean.

FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.

FY2022 agricultural exports reach record levels.

The 2021 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world.

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2022/23 to support anticipated growth in animal inventories, following an expected decrease in corn imports in 2021/22 due to the war in Ukraine. Korean wheat consumption in 2022/23 is forecast to decline 15 percent due to reduced feed wheat supply.

FY2021 agricultural exports reach record levels.

This report is an October 2021 update to the FAS Seoul Grain and Feed Annual released on March 31 and the Grain and Feed Update from June 27.

A look at how U.S. agricultural exports performed in 2020.

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2021/22, recovering from a projected 3 percent decline in imports during the current marketing year.

The 2020 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world. This summary lists only the United States’ primary trading partners.