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Key Statistics
Map
In the short period from 1970 to 1990, export-led industrialization
transformed South Korea from one of the world's poorest economies
to the 11th largest. It became a member of the so-called developed
countries club, the Organisation for Economic Co-operation and
Development (OECD), in 1996. In the course of economic development,
the importance of agriculture declined. Its contribution to Gross
Domestic Product dropped from 40 percent in the early 1960s to
less than 5 percent in the early 2000s, while agricultural employment
declined from more than 50 percent to less than 10 percent of the
labor force. The momentum of South Korea's strong economic growth
was dramatically interrupted in December 1997 when a financial
crisis pushed the economy to the brink of default. A record $57
billion loan granted by the International Money Fund to help overcome
the crisis was accompanied by strict conditions for reform. The
economy rebounded sharply and appears to be in a new phase of growth.
Agriculture, in contrast to the rest of the economy, has little
export focus and exists with heavy protection from the government.
South Korea strives to be self-sufficient in rice, horticultural
products, and livestock production. Densely populated and increasingly
wealthy, South Korea does not have enough cropland and pasture to
support both direct human food use and animal feeding. Since the
1960s, South Korea has been a large net importer of agricultural
products: raw materials (cotton, hides) to support the manufacture
of clothing and shoes for export, wheat for food use, and feedstuffs
(corn, soybeans) for livestock production.
Trade liberalization in the 1990s opened a large, growing trade
in value-added and high-value commodities, including meats, fruits
and vegetables, processed foods, and beverages. South Korea is likely
to import greater amounts of agricultural products in the future
because of domestic market forces and market-access measures negotiated
in bilateral and multilateral agreements.
The following provide more information on specific food and agriculture
sectors:
References
USDA's
Foreign Agricultural Service (FAS) attaché reports offer
analysis and data on markets in South Korea, including annual
reports on the following commodities:
- Citrus
- Fishery Products
- Grain and Feed
- Livestock and Products
- Oilseeds and Products
- Poultry and Products
And these reports on topics that are not commodity specific:
- Agricultural
Biotechnology
- Biofuels
- Exporter Guide
- Food
and Agricultural Import Regulations and Standards
- Food
Processing Ingredients Sector
- Hotel, Restaurant, Institutional
Food Service Sector
- Retail Food Sector Biennial Market
Brief
Understanding the longer term outlook for South Korea's agricultural
production, trade, and policy is critical to the development of
USDA's baseline projections for U.S. agriculture. For more information,
see the USDA Agricultural Baseline
Projections briefing room.
World
Agricultural Supply and Demand Estimates reports provide monthly
updates of Korea's import market for coarse grains and cotton.
FAS Current World
Production, Market and Trade Reports provide analysis and data
on grains, livestock and poultry, oilseeds, sugar, tropical products,
cotton, and other commodities important in Korea.
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