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FAS Seoul’s MY 2020/21 Korean rice production forecast is 3.86 million metric tons (MMT) – up three percent from the initial estimate – due to higher than expected actual planted area.

The United States is the leading supplier of imported consumer-oriented agricultural products to the Korean retail industry, shipping a record $5.4 billion in 2019.

On April 21, 2020, the Korean government released the final version of a new subsidy program for rice producers to replace the existing direct payment program.

The United States is the leading supplier of imported consumer-oriented agricultural products to the Korean retail industry, shipping a record $5.4 billion in 2019.

Korean seafood imports totaled $5.43 billion in 2019, down 6.3 percent from 2018. U.S. seafood imports decreased by 11.3 percent from $261 million to $232 million.

Korea updated the web portal used to register foreign food facilities that export to this market. Registration is a requirement for import clearance and must be renewed every two years.

U.S. distilled spirits exports to South Korea totaled $13.4 million in 2019, up 12.2 percent from 2018. The top U.S. products in the market are whiskey, vodka, and liqueurs.

Market Year (MY) 2020/21 Korean compound feed production is forecast to reach a record volume of around 21.2 MMT in MY 2020/21, based on strong growth in swine and poultry inventories.

South Korean wine imports reached a record $259 million in 2019, up 6.3 percent from 2018. U.S. wine exports to Korea increased 11.6 percent in 2019 to $34 million.

Korea has a strong food processing industry that manufactures a wide variety of food and beverage products. It also relies heavily on imports to fulfill its food and agricultural needs.

This report provides an overview of the impact to date of COVID-19 on the Korean trade balance, distribution channels, wholesale prices and government support programs provided to cope with the...

The Korean food market has been seriously hit by the on-going COVID-19 outbreak.