South Korea: Grain and Feed Update

Marketing Year (MY) 2024/25 rice production and consumption forecasts remain unchanged since the April 2024 Grain and Feed Annual Report. Post revised MY 2023/24 rice imports down based on the import tender fulfillment pace by the Korean government. Progress allocating the 2024 rice tariff rate quota (TRQ) has been favorable for the United States, but local distribution of imported U.S. table rice has not kept pace, as auctions remain suspended since November 2023. Continued declines in domestic rice consumption are partially offset by growth in rice-based food processing, with K-food products like frozen kimbap gaining popularity in export markets. In addition to doubling food assistance donations starting in 2024, Korea announced the expansion of technical assistance through the K-Rice Belt project to 14 total African countries at the June 2024 Korea-Africa Summit, aiming to produce 10,000 MT of rice by 2027 in target countries.