- Coarse grains demand of 12 MMT/ year.
- #4 import market of U.S. corn in MY 2018/2019.
- #3 import market of U.S. DDGS in MY 2018/2019.
- #5 import market of U.S. ethanol in MY 2018/2019.
- Very limited barley and sorghum imports despite KORUS FTA.
- Livestock industry and compound feed market growing slowly.
- Population / growth: 51.8 million / 0.02%
- Urban % / growth: 81.5% / 0.3%
- GDP / growth: $2 trillion / 2.9%
- GDP per capita: $33,346
- Asia’s 4th and world’s 10th largest economy.
- Since there is no progress on denuclearization of North Korea, economic cooperation between the two Koreas has not resumed.
- Facing sluggish domestic demand, increased household debt, low youth unemployment, falling birth rates and aging population.
Trade and Market Share Overview
- Sophisticated price buyer; U.S. share is very volatile. Corn quality (higher BCFM) has been a chronic issue.
- U.S. DDGS imports 6th consecutive new record.
- U.S. barley imports have been limited due to lack of price competitiveness.
- Industrial ethanol consumption, an eco-friendly raw material, is increasing.
- Only 3% biodiesel RFS has been introduced and no bioethanol RFS.
- Improvement of air pollution is a priority, but the government is focusing on the regulation of diesel vehicles.
- Implemented new MRLs (PLS) for grains for food since Jan. 1, 2019
- The government’s regulatory direction for New Breeding Technology has not yet been determined.
- GMO has become political issue: NGOs’ request to strengthen GMO labeling regulation.