South Korea: 2024 Adjustment and Voluntary TRQs for Agricultural Commodities

On December 26, 2023, Korea issued its flexible tariff Adjustment and Tariff Rate Quota list for certain agricultural, forestry and fishery products for calendar year (CY) 2024. Flexible tariffs, which include tariff rate quotas (TRQs) and adjustment duties, are utilized by the Korean government to stabilize consumer prices and balance supply and demand. Korea’s 2024 tariff adjustments were relatively unchanged from the previous year. However, on January 19, 2024, in response to continued food price inflation, Korea announced expanded TRQs and increased in-quota volumes for several commodities such as fresh fruits, processed fruit products and table eggs to help stabilize prices before the Lunar New Year holiday. Under the 2024 tariff schemes, U.S. exports of oranges, table eggs, processed eggs, shelled peanuts, sugar, and potato starch to Korea will enjoy lower tariff rates, as these products still do not have full duty-free access under the U.S.-Korea Free Trade Agreement (KORUS).