South Korean potato production continues to decline

Published 2023년 2월 13일

Tridge summary

South Korea's potato production decreased by 9.5% in 2022, reaching 510,000 tons, and is projected to continue declining due to reduced domestic production. This situation could potentially increase the market for imported US potatoes, despite a tariff quota of 4,000 tons. Consumption of potatoes is anticipated to rise by 2.5% in 2023 due to the growing popularity of prepared potato products. The acreage for spring potatoes, which make up the majority of production, is predicted to decrease by 4% in 2023 due to lower profitability. Highland potato production is expected to decrease by 5% in 2023 due to labor shortages and reduced productivity from quality issues caused by adverse weather conditions in 2021.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

South Korea's potato production fell by 9.5% in 2022 to 510,000 tons. Domestic Korean potato production is expected to continue to decline gradually over the coming years, which could open up more opportunities for imported US potatoes, despite an annual tariff quota of 4,000 tons. Korean potato consumption is expected to increase by 2.5% in 2023 due to increased demand for prepared potato products, which traditionally dominate Korean potato imports. Korean imports of potatoes and potato products increased by 17% to 227,000 tonnes, mainly due to strong demand for frozen chips in the food sector. Spring potatoes are planted from February to mid-April and are harvested and traded until the end of July. The acreage for spring potatoes, which accounted for 67.3% of the total production in 2021, is expected to decrease by 4% this year due to lower profitability in the previous year. The production volume and planted area for autumn potatoes are expected to increase by 11.3% and 1.3% ...

Source: AGF