Browse Data and Analysis

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.

This report analyzes all vegetable oil markets in Korea, whether for food or industrial use, and covers oils derived from soybean, palm, palm kernel, olive, rapeseed/canola, grapeseed, sunflower seed, corn, coconut, sesame, perilla seed (a leafy plant from the mint family), and rice bran.

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.

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.

The Korea oilseeds and products market is mature with limited annual change, reflecting stable consumer demand and stagnant domestic production.

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.

FY2021 agricultural exports reach record levels.

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

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.

MY 2021/22 Korean soybean production and consumption is projected to remain mostly unchanged from the prior year, amid stagnant domestic production and flat consumer demand...