South Korea 2021 Export Highlights

Top 10 U.S. Agricultural Exports to South Korea

(values in million USD)
Commodity 2017 2018 2019 2020 2021 2020-2021 % Change 2017-2021 Average
Beef & Beef Products 1,220 1,746 1,843 1,714 2,383 39% 1,781
Corn 705 1,356 359 548 858 57% 765
Pork & Pork Products 475 670 593 453 557 23% 549
Wheat 328 363 300 355 496 40% 368
Food Preparations 283 313 471 419 493 18% 396
Fresh Fruit 493 494 405 455 436 -4% 457
Dairy Products 279 290 330 370 426 15% 339
Tree Nuts 306 290 291 295 345 17% 305
Ethanol (non-beverage) 91 134 196 170 343 102% 187
Distillers Grains 161 236 252 271 317 17% 248
All Others 2,645 2,588 2,701 2,657 2,729 3% 2,664
Total Exported 6,987 8,481 7,742 7,707 9,382 22% 8,060

Source: U.S. Census Bureau Trade Data - BICO HS-10

Highlights

In 2021, South Korea was the sixth-largest export destination for U.S. products, with exports totaling nearly $9.4 billion, a 22-percent increase over 2020. The United States is South Korea’s top supplier of agricultural goods by a wide margin, representing 28 percent of the total import market. The EU, the second largest exporter, has a 14-percent market share. The U.S. – Korea Free Trade Agreement (KORUS FTA) expanded export opportunities for many U.S. agricultural products. This is particularly true for U.S. beef, the top exported product, and the highest growth with a $669 million (39 percent) increase in 2021 over 2020. Exports of corn, ethanol, and wheat also performed well, increasing by $310 million, $173 million, and $141 million respectively. Most top commodities performed well, with only fresh fruit declining by $19 million. South Korea was the top export destination for U.S. beef, third largest for fresh fruit, and fifth largest for corn and pork.

Drivers

  • South Korea’s GDP declined slightly by 0.9 percent in 2020 due to the COVID pandemic but grew by 3.9 percent in 2021, contributing to significant increases in food and agricultural imports.
  • U.S. agricultural exports to South Korea reached record levels in 2021, and exports of most products were up. Much of the increase can be attributed to the strength of U.S. exports of meat products like beef and pork, and bulk products like corn and wheat.
  • U.S. beef exports continue to drive trade to South Korea. South Korea’s preference for high marbling and competitive pricing will continue to grow demand for high-quality U.S. beef.
  • South Korea’s announced goal of achieving carbon neutrality has driven imports of ethanol.

South Korea’s Agricultural Suppliers

Stacked column chart showing global agricultural suppliers to South Korea in 2021. The top suppliers were the U.S., EU, and China.

Looking Ahead

South Korea remains one of the largest destinations for U.S. agricultural exports. The U.S. trade value to South Korea is expected to remain positive in 2022. Rising incomes and a growing, advanced economy continue to fuel consumers’ appetite for quality U.S. agricultural products. Moreover, the advantages of KORUS will continue to stimulate demand as the agreement passes its 10-year anniversary and tariffs are further reduced for a wide range of agricultural products. However, U.S. products face strong competition from other exporting countries due to the recent economic slowdown due to the COVID-19 pandemic as consumers become more price sensitive, favoring lower price competitors.

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