South Korea
U.S. Trade with South Korea in 2023
Export Market Rank
#6 Among U.S. Agricultural Export Markets
Total Export Value
$7.5 Billion
3-Year Average
$8.77 Billion
Compound Average Growth
0.68% (2014-2023)
Total Export Value 2014 - 2023
Export Value by Commodity 2023
Top 10 Exports to South Korea in 2023
| Commodity | Total Value (USD) | Total Volume (Metric Tons) | 10-Year Average Value (USD) | 10-Year Growth |
|---|---|---|---|---|
| Beef & Beef Products | $2.13 Billion | 248,257 | $1.65 Billion | 151% |
| Pork & Pork Products | $632.9 Million | 190,975 | $527.03 Million | 43% |
| Wheat | $406.55 Million | 1.2 Million | $369.84 Million | -1% |
| Distillers Grains | $380.11 Million | 1.27 Million | $250.15 Million | 113% |
| Food Preparations | $343.1 Million | 11,527 | $362.14 Million | 45% |
| Fresh Fruit | $331.35 Million | 117,898 | $401.18 Million | -5% |
| Dairy Products | $320.27 Million | 85,171 | $352.99 Million | -23% |
| Soybeans | $320.1 Million | 530,012 | $317.15 Million | -11% |
| Corn | $271.35 Million | 896,598 | $716.44 Million | -74% |
| Tree Nuts | $269.85 Million | 50,559 | $307.24 Million | -25% |
Data and Analysis
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.
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.
News and Features
A recent USDA-sponsored agribusiness trade mission to the Republic of Korea (South Korea) proved to be a tremendous success for nearly 50 U.S. agribusinesses, cooperators, trade associations, and state departments of agriculture looking to grow and diversify U.S. exports to East Asia.
News Release
USDA Trade and Foreign Agricultural Affairs Under Secretary Taylor Launches Trade Mission in South Korea
Under Secretary Alexis Taylor arrived in Seoul today with officials from 48 agribusiness and farm organizations and five state departments of agriculture.
Representatives from 49 U.S. companies and organizations will join the USDA trade mission to South Korea later this month.