Growth and opportunities in South Korea

By Hoa Huynh for SSGA

South Korea continues to be an important market for U.S. high quality soybeans and specialty grains. Exports of $712 million of corn, $462 million of soybeans, and $392 million of distillers grains are in the top ten exports of U.S. agricultural products to Korea in 2022. The 10-year growth of corns, soybeans, and distillers grains are 118%, 65% and 212%, respectively. There is still plenty of room for food grade soybeans such as identity preserved (IP) soybeans and specialty grains such as popcorn.

Korean food manufacturers and imported have strong interests in U.S. IP soybeans and specialty grains which reflected in the participation of more than a dozen food producers and buyers at SSGA Identity Preserved International Summit in Hawaii in January 2023. However, it’s essential for SSGA members to follow up on their conversations with these participants by visiting Korea to provide trade servicing to strengthen and expand their interests in SSGA products.

SSGA encourages interested U.S. exporters to apply to participate in the U.S. Department of Agriculture (USDA) agribusiness trade mission to Seoul, South Korea, March 25-28, 2024.

The USDA Under Secretary for Trade and Foreign Agricultural Affairs, Alexis Taylor, will lead the agribusiness trade mission. The trade mission will offer U.S. agribusinesses the potential to increase or expand their food and agricultural exports to the region. While in Seoul, participants will engage in two days of business-to-business meetings with potential importers, processors and distributors. Additionally, attendees will receive in-depth market briefings from USDA’s Foreign Agricultural Service and industry trade experts to better understand market dynamics and consumer trends, as well as participate in site visits and other networking opportunities.

Learn more and apply by Dec. 18 at this link.

(Source:  FAS/Seoul reports)