Australian bread wheat displaces the USA from the market in South Korea

Australia and the USA are fiercely competing for the leading role in the bread wheat market in South Korea, with Australia significantly increasing its supplies over the past decade, narrowing the traditional advantage of the USA, commented the online edition ChosunBiz, citing data from the Korean Millers Association. In the first half of 2025, the 7 leading South Korean milling companies purchased 94% of their imported wheat from the USA and Australia, with Australia's share reaching 51% (597 thousand tons) and the USA's 43% (510 thousand tons, while in 2024 the USA still surpassed Australia. Traditionally, South Korea almost completely relied on American wheat, but since the 1990s, it began to diversify its imports, while Australia actively sought new markets. A crucial role was played by the free trade agreement between South Korea and Australia, which came into force in 2014, providing for a gradual reduction in tariffs on wheat imports to South Korea, until they were ...