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- (-) November 2023
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Due to the severe drought, Post forecasts a slight decrease in dairy output, estimating a decline of just over one percent to 11,441,000 MT in volume by the end of 2023 compared to 2022. Projections for 2024 are complex as several factors could lead to a significant drop in production, particularly during the first half of the year.
Post forecasts fresh deciduous fruit production to rebound to 486,850 MT for apples and 625,400 MT for pears for Marketing Year (MY) 2023/24.
Rice production in Korea is forecast to be gradually down in marketing year (MY) 2023/24 on reduced acreage in response to government incentives encouraging farmers to switch to other grains, such as wheat and soybean.
Korean fresh pear production is expected to decrease 20 percent in Marketing Year (MY) 2023/24 as adverse weather events struck orchards throughout spring flowering and into the summer. Supplies of high-quality pears are expected to be below average because of high rates of damaged fruit.