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Key Statistics
Map
In the short period from 1970-90, 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 Organization for Economic Cooperation 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
Foreign
Agricultural Service (FAS) attaché reports offer analysis
and data on markets in South Korea, including annual reports on
the following commodities.
- Citrus
- Cotton
- Dairy and Products
- Grain and Feed
- Livestock and Products
- Oilseeds and Products
- Planting Seeds
- Poultry and Products
- Seafood
- Sugar
- Tobacco and Products
- Wood Products
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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