Browse Data and Analysis

Ample opportunities exist for U.S. agricultural exports to South Korea. Highlighted in the chart above, U.S. agricultural product exports were a record $9.5 billion in 2022, up 2 percent from 2021. South Korea is the sixth largest export market for the United States, thanks in part to a successful free trade agreement (KORUS) between the two countries and a robust demand for high-quality U.S. food products.

Soybean imports are raised to a record 101 million metric tons (MMT) in marketing year (MY) 22/23 on surging imports, which reached 84.3 MMT through July.

FAS Bangkok (Post) expects soybean imports to rebound in Marketing Year (MY) 2022/23 and further increase to around 4 million metric tons in MY2023/24, driven by strong demand for poultry and swine feed.

Post forecasts Malaysian palm oil production in marketing year (MY) 2022/23 at 18.85 million metric tons (MT), up 702,000 MT from the previous year as the labor situation continues to improve.

Indonesia palm oil production for 2023/24 is forecast at 46 million metric tons (MMT), an increase of 3 percent from the previous year.

The Korea oilseeds and products market is mature with limited annual change, reflecting stable consumer demand and stagnant domestic production.

On February 6, the Government of Indonesia (GOI) announced it would suspend two-thirds of palm oil exports in order to shore up domestic cooking oil supplies ahead of Ramadan and Eid festivities.

Indonesia 2022/23 palm oil consumption is expected to rise to 19.4 million metric tons (MMT) on increased use for biodiesel production, as the Government of Indonesia (GOI) rolls out higher blending rates for its 2023 mandatory biodiesel blending program.

Post maintains the projections for 2021/22 and updates MY 2022/23 with an optimistic outlook on production resulting from good weather conditions and an improved labor situation.