Australian wheat challenges US for top spot in South Korea’s milling imports

Mills Industrial Association, seven major domestic milling companies sourced 94% of their imported wheat from the U.S. and Australia in the first half of the year. Australia accounted for 51% (597,000 tons), while the U.S. supplied 43% (509,000 tons). By comparison, U.S. wheat led last year, but in the first half of this year, Australia overtook the U.S. in share. Historically, South Korea relied heavily on U.S. wheat, but since the 1990s, the country has sought to diversify imports while Australia looked for new export markets. A decisive factor was the Korea–Australia Free Trade Agreement, which came into effect in 2014 and gradually reduced tariffs on Australian wheat, fully eliminating them by 2018. Australia also tailored its wheat varieties to suit Asian preferences. With higher protein content and specific gluten properties, Australian wheat is ideal for making noodles that are soft yet chewy—a key quality for popular Korean foods such as ramyeon and udon. Rising noodle ...