By: Byong Ryol Min, U.S. Grains Council Director in Korea

Korea’s corn imports reached an all-time high of 10.2 million metric tons (401.6 million bushels) in 2014, with imports of coarse grains and other feed ingredients also climbing to a new record of 12.7 million tons (500 million bushels). Of feed corn imports, which make up 80 percent of Korea’s total corn imports, a majority – 53 percent – was from the United States.

The U.S. Grains Council (USGC) has been active in Korea since opening an office there in 1972. USGC programs have been instrumental in the growth of the Korean animal agriculture and corn processing industries.

The impressive growth of the Korean economy and achievements of its agricultural industry have enabled the Council to engage in a complete range of initiatives, including value-added production promotion and biotechnology education as well as engaging with industry and government officials to promote open market policies.

While this isn’t a record amount of U.S. corn imports to the country, it is significant because Korea is a sophisticated market that will shift quickly to use the most price-competitive ingredients. As a result, U.S. market share of Korea coarse grain imports has fluctuated widely from 98 percent to 2 percent depending on supply and demand factors.

The Council will continue to sustain and when possible increase the U.S. market share in Korea’s coarse grains and co-products import markets through customized trade servicing, educating importers on U.S. advantages, and touting the benefits of doing business with the United States. We will also continue to educate Korean buyers on grain marketing and export inspection systems and providing them with timely market and technical intelligence.