South Korea: Grain and Feed Update

In the final month of 2023, Korea finally completed allocating its country specific quota (CSQ) for rice imports totaling 408,000 MT (milled basis) under its 2023 tariff rate quota (TRQ) scheme. However, with most tenders fulfilled in the second half of calendar year (CY) 2023, deliveries will take place in CY 2024 instead of marketing year (MY) 2022/23. Touting the success of its new Strategic Crop Direct Payment Plan in 2023, the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) announced it will expand the program by 66 percent in its 2024 budget plan, allocating 186 billion Korean won (U.S. $143 million) in subsidies for farmers who switch from growing table rice to an expanded list of substitute crops. This report also includes updates to the total consumption of rice in MY 2020/21 from the MAFRA statistics yearbook.