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Outlook for US agri exports to South Korea is positive for 2024

There are ample opportunities for US agricultural exports to South Korea. South Korea is the sixth largest export market for the United States, thanks in part to the free trade agreement (KORUS) between the two countries.

While US food exports to South Korea were at record levels for the past two years, expectations for 2023 are more tempered. Nevertheless, the outlook for South Korea is more positive for 2024 and beyond with hopes that an economic recovery in China will provide a boost to South Korean exports, and private consumption and investment will gradually rebound.

Fruits, vegetables and nuts
South Korean frozen/processed vegetable imports reached $1.5 billion in 2022, up 15 percent from the previous year. Frozen and prepared potatoes, cassava, and sweet corn account for most of the imports. China is the top supplier of processed vegetables and holds a 57 percent market share. The United States is the second largest supplier with 14 percent market share. US frozen products that have tariff rates phased out include potatoes, peas, beans, spinach, bamboo shoots, and carrots. For prepared/processed vegetables, olives, peppers, capers, and mushrooms enter South Korea duty-free after their tariff rates were phased out. Tariff rates on frozen and prepared garlic will phase out in 2026.

In 2022, South Korea imported $234 million of citrus products from the world, of which $193 million came from the United States. Other top suppliers include Australia and South Africa. South Korea imports mostly oranges, lemons, and grapefruits. Domestic production of citrus (mostly mandarins/tangerines) on Jeju Island remains substantial. Tariff rates on US grapefruit, lemon, citrus aurantifolia, citrus latifolia, and oranges imported between March 1 and August 31 have been phased out.

Source: fas.usda.gov

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