Report Highlights:

Soybean consumption in MY 2016/17 is forecast unchanged from the current marketing year at 1.42 MMT, while trade is also expected to remain stable at 1.3 MMT of which soybeans for crushing stay at 1MMT. Imports of food grade soybeans in MY 2016/17 are forecast around 290,000 MT with the U.S. expected to retain 70 to 80 percent market share. Soybean meal imports for MY 2016/17 are expected to stay at 1.75 MMT due to static livestock inventories. Meanwhile, soybean oil consumption is expected to remain at 470,000 MT because of stagnant demand in the bio-diesel sector, with rising demand for more cost effective palm oil at 480,000 MT.

Oilseed, Soybean

Production:

Soybeans account for approximately 67 percent of Korea's total oilseed production, while sesame and perilla combine for about 27 percent of the total in MY 2014/15. The remainder largely consists of rapeseed and peanuts. However, the Korean government has not released rapeseed production numbers since CY 2010.

The Korean Rural Economic Institute (KREI) conducted a nationwide planting intention survey of 784 soybean farmers, December 24-31, 2015. According to the survey results, MY 2016/17 soybean area is forecast to increase to 67,880 hectares, up 11,214 hectares (20 percent) from the previous year's harvested area. This increase is due to domestic soybean prices that have been bullishly affected by lower production last year. Using the KREI survey results as a benchmark, Post is forecasting soybean production for MY 2016/17 to increase by 16 percent from the previous year, on a five-year average yield.

In MY 2015/16, soybean production decreased to 103,504 metric tons (MT), down 35,736 MT (25 percent) from the previous year due mainly to declining soybean acreage coupled with lower yield, caused by droughts in the middle part of the Korean peninsula.

In CY2016, government purchases of 2015 soybean crop were approximately 11,200 MT, reaching about 56 percent of purchasing target, as farmers opted to sell their beans through both the government purchase channel and commercial markets because of recent bullish commercial trends in the soybean wholesale market since fall 2015. The bullish commercial market prices caused by smaller production than previous years induced farmers to sell their soybeans more to the commercial markets than the governmental purchase program.

Korea: Soybean Production

Crop Year

Area (ha)

Yield (kg/ha)

Production (mt)

2010

71,422

1,475

105,345

2011

77,849

1,662

129,394

2012

80,842

1,516

122,519

2013

80,031

1,925

154,067

2014

74,652

1,866

139,267

2015

56,666

1,830

103,504

2016 (f)1/

67,880

1,7602/

120,000


Korea: 2016 Soybean Planting Intentions

Crop Year

Upland (ha)

Paddy Land (ha)

Total (ha)

2015

51,422

5,244

56,666

2016

58,297

9,583

67,880

Growth Rate (%)

+13.4

+82.8

+19.8


Korea: Oilseed Area and Production

(Hectares and Metric tons)

Crops

MY 2013

MY 2014

MY 2015

Area

Production

Area

Production

Area

Production

Soybean

80,031

154,067

74,652

139,267

56,666

103,504

Peanuts2/

4,374

10,875

4,565

12,402

Na3/

Na3/

Sesame

23,184

12,392

28,370

12,158

25,139

11,678

Perilla

30,130

33,347

37,461

43,260

Na3/

Na3/

Total

137,719

210,681

145,048

207,087

Na3/

Na3

Ministry for Agriculture, Food, and Rural Affairs (MAFRA)

Notes:

1/ FAS/Seoul estimates.

2/ In-shell

3/ Data will be available around May 2016

Consumption:

Soybeans account for the majority of oilseed consumption. Consumption in MY 2016/17 is forecast to remain unchanged from the current marketing year at 1.42 million MT (MMT) amid stagnant domestic production, of which 1.0 MMT will go for crushing and 370,000 MT for food processing use in items like tofu, soymilk and soy sauce with others for feed, seed and waste remaining constant. All domestic production goes to food use. Future growth in overall soybean consumption is expected to be minimal. Consumption for crushing will be constant at the level of one million MT if CJ Corporation, a leading Korean soybean crusher, continues soybean crushing in their flexible crushing facilities, which are convertible by the comparison of crushing margins between rapeseed and soybeans.

In MY 2015/16, soybean consumption is expected to stay around 1.42 MMT due to less consumption of food soybeans caused by declining domestic soybean production, consisting of one million MT for crushing, 370,000 MT for food and 50,000 MT for others, respectively.

In MY 2014/15, because of a greater crushing margin, Korean crushers increased soybean crushing to 1,017,400 MT, up 13 percent from the previous year. Bearish trend of international soybeans prices led to the increase of locally processed soybean for soybean meal for feed.

Korea: Soybean Consumption for Crushing

(Metric Ton)

Month

MY 13/14

MY 14/15

MY 15/16

October

72,100

77,250

72,600

November

59,500

72,500

81,150

December

68,900

76,250

87,830

January

83,040

87,900

Na

February

71,500

83,600

Na

March

90,100

87,800

Na

April

75,570

87,100

Na

May

68,500

87,450

Na

June

79,900

89,900

Na

July

72,000

87,850

Na

August

82,250

92,800

Na

September

74,250

87,000

Na

Total

897,610

1,017,400

Na

Korea: Distribution of Imported Soybeans for Food Manufacturing

by the Korea Agro Fisheries & Food Trade Corp (aT)

(Calendar Year, Metric Ton)

Item\Year

CY 2013

CY 2014

CY 2015

Soybean Curd

140,837

117,393

103,720

Soy Paste

44,208

39,460

33,225

Soy Paste/Soy Flour

5,631

6,112

4,062

Soy Milk

38,330

27,923

25,550

Soy Sprout

45,000

29,201

28,173

Others 1/

300

224

225

Sub. Total

274,306

220,389

194,955

By product 2/

36,000

37,119

36,306

Total (A)

310,360

257,429

231,261

TRQ Allocation to End-Users Direct Commercial Purchases

Soybean Curd

13,012

8,000

2,253

Soymilk

4,033

0

Soy-Paste/Red Pepper

4,970

2,000

Soy Sprout

2,985

10,000

8,920

Total (B)

25,000

20,000

11,173

Soy-sauce/protein (after crushing) (C)

5,800

6,800

2,580

Grand Total (A+B+C)

341,106

284,232

245,014

Source: Korea Agro-Fishery & Food Trade Corporation (aT)

Note: Quantity is on the basis of cleaned soybeans.

1/ Government, military employees and others

2/ Feed

Trade:

Soybeans account for more than 90 percent of total oilseed imports, of which approximately 80 percent are used for crushing in the latest marketing year. Due to constant demand for imported soybeans, MY 2016/17 soybean imports are forecast to remain unchanged from the current marketing year estimate of 1.3 MMT. MY 2015/16 soybean imports are expected to increase four percent from the previous year due to a statistical adjustment of food grade soybeans imports in MY 2014/15. In MY 2014/15, total soybean imports were 1,121,028 MT on customs cleared basis, consisting of 1,005,603 MT for crushing purpose and 115,281 MT for food processing purpose. Korea Customs Service (KCS) investigated importers of food grade soybeans, who were suspected of price manipulation, putting some pending soybeans imported earlier months prior to October 2015, in December 2015, on the basis of customs clearance. FAS/Seoul adjusted the imports of food-grade soybeans to 240,127 MT from 115,284 MT on the customs clearance basis in order to meet actual supply and demand, reflecting the adjusted numbers of imports into PS&D.

Crushing

Imports of crushing soybeans in MY2016/17 are forecast to remain unchanged from the current marketing year's estimate of 1.0 MMT in consideration of crushers' preference to process soybeans rather than rapeseed.

Imports during the first three months of MY2015/2016 (Oct-Dec) reached slightly more than 230,000 MT, with an additional 280,000 MT contracted for delivery during Jan - Jun 2015. Though soybean imports for crushing during the first quarter of MY2015/16 were up eight percent over the same period of MY 2014/15, crushers are expected to import a level similar to the previous year to meet constant demand of soybean meal for animal feed.

The CY 2016 autonomous crushing soybean quota is 1.5 MMT with an adjustable in-quota tariff, which was cut from three percent to zero. Under the KORUS FTA, the duty on U.S. crushing soybeans fell to zero immediately as of March 15, 2012. In MY 2014/15 the majority of crushing beans came from Brazil, followed by the United States and Paraguay.

Korea: Total Soybean Imports

(Unit: MT)

Marketing Year (Oct/Sep)

Crushing Soybean

Food Grade Soybean

Total

2008/09

893,445

273,465

1,166,910

2009/10

924,491

272,733

1,197,224

2010/11

934,281

304,647

1,238,928

2011/12

786,654

352,335

1,138,989

2012/13

811,886

299,659

1,111,545

2013/14

930,277

340,559

1,270,836

2014/15

1,005,603

115,284

1,121,028

2014/15a/

1,005,603

240,127

1,245,730

Source: Korea Customs Service (KCS)

a/ FAS Seoul adjusted imports of food grade soybeans to 240,127 MT from 115,284 MT based on customs clearance because Korea Customs Service reported cumulative numbers of food grade soybeans imports in December 2015.

Korea: Soybean Imports for Oct.-Dec. by Origin

(Unit: MT)

Soybean for Crushing (HS1201.90.1000)

MY2015/16

USA

Brazil

China

Others

Total

Oct. 2015

0

59,159

0

0

59,159

Nov

0

68,824

0

0

68,824

Dec

57,600

50,135

0

21

107,756

Subtotal

57,600

178,118

0

21

235,739

MY2014/15a/

104,477

63,093

0

50,808

218,374

Soybean for Sprouting (HS1201.90.3000)

MY2015/16

USA

Brazil

China

Others

Total

Oct. 2015

0

0

0

0

0

Nov

0

0

0

0

0

Dec

140

0

1,440

282

1,862

Subtotal

140

0

1,440

282

1,862

MY2014/15a/

20

0

9,540

0

9,560

Soybean for Food Processing (HS1201.90.9000)

MY2015/16

USA

Brazil

China

Others

Total

Oct. 2015

1,866

500

0

2498

4,864

Nov

961

0

280

764

2,005

Dec

57,939b/

580

187

5,712

64,418b/

Subtotal

60,766b/

1,080

467

8,974

71,286b/

MY2014/15a/

6,268

1,000

1,901

1,459

10,628

Soybeans Total

MY2015/16

USA

Brazil

China

Others

Total

Oct. 2015

1,866

59,659

0

2,498

64,023

Nov

961

68,824

280

764

70,829

Dec

115,678b/

50,715

1,627

6,015

174,035b/

Subtotal

118,505b/

179,198

1,907

9,277

308,887b/

MY2014/15a/

110,765

64,093

11,441

52,267

238,566

Source: Korea Customs Service (KCS)

a/ October – December 2014

b/ FAS Seoul's statistical adjustment to minimize difference between actual consumption and customs clearance for food grade soybeans in MY 2014/15.

Korea: Crushing Soybean Imports by Origin

(Unit: MT)

Marketing Year (Oct/Sep)

USA

Brazil

Paraguay

Others

Total

2007/08

374,940

552,887

20

0

927,847

2008/09

327,900

565,545

0

0

893,445

2009/10

492,776

431,715

0

0

924,491

2010/11

485,109

405,551

43,621

0

934,281

2011/12

173,447

418,292

194,915

0

786,654

2012/13

374,167

384,262

53,461

0

811,886

2013/14

372,504

455,920

101,853

0

930,277

2014/15

326,169

628,209

51,025

200

1,005,603


Korea: Soybean Contracts for Crushing under MY 2015/16 Arrival by Origin

(Unit: 1,000 MT, as of January 2015)

Estimated Time of Arrival

USA

Brazil

Optional

Others

Total

Oct. 2015

0

110

0

0

110

Nov

0

55

0

0

55

Dec

0

55

0

0

55

Jan. 2016

55

55

0

0

110

Feb

0

0

0

0

0

Mar

0

0

0

0

0

Apr

0

55

0

0

55

May

0

55

0

0

55

Jun

0

55

0

0

55

Total

55

440

0

0

495

Food Use

The Korea Agro-Fishery and Food Trade Corporation (aT), the government's state trading arm, controls the bulk of marketing of non-GMO food grade soybeans for food processing under its autonomous WTO TRQ. aT distributes soybeans to end-users and charges a mark-up for margins that support domestic crop production in addition to handling costs and cleaning, which involves removing any foreign material and broken soybeans upon arrival.

Under its CY 2017 anticipated WTO TRQ-based procurement plan, aT contracted for 170,000 MT of soybeans on basis trading contracts at the end of 2015, with delivery during the first half of CY 2017. Accordingly, in MY 2016/17 imports of food grade soybeans are forecast in the range of 280,000 MT - 300,000 MT, under autonomous WTO TRQ and FTA TRQs, with the majority coming from the United States followed by China, Canada, Brazil and Australia. The United States is expected to retain 70 – 80 percent of the import market for food-use soybeans. The gains under the KORUS FTA will further strengthen the U.S. position. U.S. food grade soybeans are primarily used in products like tofu, soybean paste/sauce and soymilk, while China mainly supplies soybeans for sprouting.

Under its CY 2016 autonomous WTO TRQ of 252,000 MT, aT is expected to directly import 240,000 MT of soybeans, of which 210,000 MT is for food processing and 30,000 MT is for sprouting. The import license for the remaining 12,000 MT has been allocated to end-users, who can contract with soybean suppliers directly. In late 2014, aT had already purchased 180,000 MT on basis trading contracts from the United States for delivery during the first half of CY 2016. The remaining 30,000 MT will likely be purchased off the spot market sometime in CY 2016 with delivery during the second half of CY 2016. Under FTA TRQ, Korea is expected to import about 40,000 MT from the United States, China, Australia and Canada who have FTA TRQ agreements. Therefore, total imports of food grade soybeans will be in the range of 290,000-300,000 MT in CY 2016.

In CY 2015, Korea imported 293,092 MT of food grade soybeans, consisting of 261,086 MT of yellow soybeans and 32,007 MT of soybeans for sprouting, under combined autonomous WTO TRQ and FTA TRQ. Under autonomous WTO TRQ, the state trading company imported 231,261 MT and end-users with import licenses imported 11,173 MT, respectively. Under FTA TRQs, Korea imported 25,293 MT from the United States, 476 from Australia and 4,847 MT from Canada, respectively.

aT distributed about 166,782 MT of imported food-quality soybeans (excluding soy by-products and sprouts) at an average price of Korean Won1,020 per KG (or $903/MT, applicable exchange rate (Korean Won per USD): 1,130 on average in 2015), which was unchanged from the previous year. During this period, the average price of imported soybeans for food processing was $706/MT (CIF). Based on these figures, aT made an estimated $33 million in selling imported food grade soybeans to end-users. However, as Korean soybean farmers groups and NGOs have complained about the government selling price of imported soybeans being much cheaper than domestically grown soybeans, aT is anticipated to increase the selling price of imported soybeans in the near future.

Korea: Food Grade Soybean Imports by Origin

(Unit: MT)

Marketing Year (Oct/Sep)

USA

Brazil

China

Others

Total

2007/08

60,311

15,890

218,905

227

295,333

2008/09

58,233

4,500

210,728

4

273,465

2009/10

215,932

4,000

47,546

5,255

272,733

2010/11

216,984

35

80,162

7,466

304,647

2011/12

225,084

5,300

109,726

12,225

352,335

2012/13

192,728

1,702

83,449

21,780

299,659

2013/14

247,832

0

80,307

12,420a/

340,559

2014/15

70,894

2,500

33,822

8,068b/

115,284

2014/15c/

195,737

2,500

33,822

8,068b/

240,127

Source: Korea Customs Service (KCS)

a/ Canada (7,584) and Australia (4,836)

b/ Canada (6,848) and Australia (1,220)

c/ FAS Seoul adjusted imports of food grade soybeans to 195,737 MT from 70,894 MT based on customs clearance because Korea Customs Service reported cumulative numbers of food grade soybeans imported from the United States in December 2015.

The government set the 2016 autonomous WTO TRQ for U.S. #1 grade soybeans at about 252,000 MT, consisting of approximately 30,000 MT of soybeans for sprouting and 210,000 MT for food processing. The TRQ also includes a 12,000 MT allocation for direct import under an import license quota, consisting of 10,000 MT of soybeans for sprouting and 2,000 MT of food grade soybeans, which will effectively allow end-users or importers to bypass aT and buy from direct sources. The applicable in-quota tariff rate is 5 percent, while the out-of-quota tariff rate is a prohibitive 487 percent, or 956 Korean won (or US$ 0.87) per kg, whichever is greater.

Under the KORUS-FTA, Korea has established a zero tariff rate quota for 10,000 MT of food-grade identity-preserved (IP) soybeans in the first year of the agreement in CY 2012, increasing to 20,000 MT in year two and 25,000 MT in year three. For years four and beyond, the TRQ grows three percent annually in perpetuity.

As 2016 represents year five of the agreement, the quota for this year is 26,523 MT. The TRQ is administered by associations of food-grade soybean processors, which gives U.S. suppliers direct market access to these processing companies. The KORUS FTA TRQ of 26,523 MT in CY 2016 has already been allocated to soybean processors. TRQ fill rate under KORUS FTA has been improved to 98 percent in CY 2015 from 35 percent in CY 2012. In CY 2015, Korean soybean processors successfully imported 25,293 MT, 98 percent of 25,750 MT of the KORUS FTA TRQ by securing IP food grade soybeans through farming contracts in advance.

As the Korea-Canada FTA went into effect on January 1, 2015, Korea established a duty free quota for 5,000 MT of food grade identity preserved soybeans in the first year, increasing by 2,500 MT annually up to 15,000 MT in 2019 for the first five years and continuing to increase by 400 MT annually up to 17,000 MT in 2024, the tenth year. For years eleven and beyond, the in-quota quantity will be fixed at 17,000 MT annually. In CY 2016, Korea is expected to import 7,500 MT of Canadian IP soybeans under the FTA TRQ. In CY 2015, Korean soybean processors imported 4,847 MT from Canada, 97 percent of 5,000MT of the FTA TRQ.

Korea set up a duty-free quota for 500 MT of Australian food-grade IP soybeans in 2014 for the first year when the Korea-Australia FTA took effect on December 12, 2014. An annual increment of 50 MT becomes 550 MT in 2015 for the second year, reaching 1,000 MT in 2024, the eleventh year. The in-quota quantity shall remain fixed at 1,000 MT for years 12 and beyond. In CY 2016, Korea is expected to import 600 MT of Australian IP soybeans under the FTA TRQ. In CY 2015, Korean soybean processors imported 476 MT from Australia, 87 percent of 550 MT of the FTA TRQ.

Korea established a duty free quota for 10,000 MT of Chinese food grade IP soybeans under Korea-China FTA, effective on December 20, 2015, consisting of 7,000 MT for IP soybeans for food processing and 3,000 MT for soybeans for sprouting in perpetuity. However, there was no import from China due to lack of lead time in CY 2015.

Soybean, Oilseed PS&D

Oilseed, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Oct 2014

Oct 2015

Oct 2016

Korea, Republic of

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Planted

80

75

70

57

0

68

Area Harvested

75

75

70

57

0

68

Beginning Stocks

118

118

58

68

0

52

Production

139

139

120

104

0

120

MY Imports

1121

1246

1300

1300

0

1300

MY Imp. from U.S.

625

522

630

600

0

600

MY Imp. from EU

0

0

0

0

0

0

Total Supply

1378

1503

1478

1472

0

1472

MY Exports

0

0

0

0

0

0

MY Exp. to EU

0

0

0

0

0

0

Crush

850

1017

925

1000

0

1000

Food Use Dom. Cons.

420

370

430

370

0

370

Feed Waste Dom. Cons.

50

50

50

50

0

50

Total Dom. Cons.

1320

1437

1405

1420

0

1420

Ending Stocks

58

68

73

52

0

52

Total Distribution

1378

1505

1478

1472

0

1472

(1000 HA) ,(1000 MT)

Korea: Oilseed Imports

(Metric Tons, $1,000)

MY 2013/14

MY 2013/14

MY 2014/15

Volume

Value

Volume

Value

Volume

Value

Soybean

1,270,962

824,725

1,270,962

824,725

1,245,730a/

629,456a/

Peanuts

551

788

551

788

437

676

Copra

798

947

798

947

1,289

1,567

Linseed

1,319

1,388

1,319

1,388

1,700

1,404

Rapeseed

37

123

37

123

2,626

465

Sunflower Seed

3,566

6,465

3,566

6,465

3,695

6,515

Castor Bean

24

29

24

29

2

2

Sesame Seed

78,680

199,608

78,680

199,608

81,457

162,634

Mustard Seed

1,572

1,493

1,572

1,493

1,772

1,850

Safflower Seed

486

358

486

358

200

203

Perilla Seed

25,027

46,785

25,027

46,785

26,726

52,388

Others

3,198

4,302

3,198

4,302

3,781

5,837

Total

1,386,220

1,087,011

1,386,220

1,087,011

1,369,557a/

862,997a/

Korea: Applied Tariff Schedule for Oilseeds

(Percent)

Commodity

H.S. Code

2014

2015

2016

Soybean, Seed

1201.10.xxxx

3

3

3

Soybean, Crushing 1/

1201.90.1000

3(0)

3(0)

3(0)

Soybean, Feed 1/

1201.90.2000

3(0)

3(0)

3(0)

Soybean, Sprouting 2/

1201.90.3000

3(5)

3(5)

3(5)

Soybean, Food Grade 2/

1201.90.9000

3(5)

3(5)

3(5)

Peanuts, Seed, in shell

1202.30.1000

40

40

40

Peanuts, Seed, shelled

1202.30.1000

24

24

24

Peanuts, in Shell 3/

1202.41.0000

40

40

40

Peanuts, Shelled 3/

1202.42.0000

24

24

24

Copra

1203.00.0000

3

3

3

Linseed

1204.00.0000

3

3

3

Rapeseed

1205.xx.xxxx

10 (5)

10

10

Sunflower Seed

1206.00.0000

25

25

25

Cottonseed 4/

1207.29.1000

2 (0)

2 (0)

2 (0)

Sesame Seed 5/

1207.40.0000

40

40

40

Mustard Seed

1207.50.0000

3

3

3

Perilla Seed 6/

1207.99.1000

40

40

40

Castor Beans

1207.99.4000

3

3

3

Safflower Seed

1207.99.5000

3

3

3

Others

1207.99.9000

3

3

3

Source: Korea Customs Research Institute, Tariff Schedules of Korea.

Note: The Seed Industry Act restricts imports of listed commodities for planting seed purposes.

1/The number in parenthesis is the in-quota tariff rate assessed on 1.5 million tons of soybeans imported for crushing and feed purposes for CY 2016.

2/ An applied duty rate of 5 percent is applied to 250,000 tons of food grade soybeans imported and administered by the Korea Agro-Fishery & Food Trade Corporation (aT) under the WTO TRQ. Soybeans imported out-of-quota by private importers will be assessed a tariff rate of 487 percent or Korean won 956/Kg, whichever is greater.

3/The in-quota amount is 4,907.3 tons on a shelled basis. Peanuts imported out-of-quota are assessed a tariff of 230.5 percent.

4/The number in parenthesis is the in-quota tariff rate assessed on all cotton seed for feed in the CY 2016.

5/The in-quota amount under the WTO TRQ is 6,731 tons. Sesame imported out-of-quota is assessed a tariff of 630 percent or Korean won 6,660/Kg, whichever is greater.

6/ 40 percent or Korean won 410/Kg, whichever is greater.

Meal, Soybean

Meal, Rapeseed

Production: Almost all of the vegetable meal produced in Korea is made from imported soybeans. Soybean meal production in MY 2014/15 increased to 805,781 MT (79.2% applicable extraction rate basis), up 13% from the previous year, to meet a greater demand for feed. There are only two soybean crushers in Korea, namely CJ Corporation and Sajo O&F Co Ltd with a crushing ratio of 65:35 percent. CJ Corp's crushing capacity remained unchanged at 2,100 MT per day, with Sajo O&F remaining unchanged at 1,100 MT per day from the previous year, respectively. MY 2016/17 demand for crushing soybeans will remain flat at 1.0 MMT as crushing margins remain steady. Soybean demand for crushing is steady, equivalent to the country's 1.0 MMT crushing capacity. Soybean meal production for MY 2016/17 is forecast to hold steady at 792,000 MT with an extraction rate of 79.2 percent and crude protein content of 44 percent, remaining unchanged from the current marketing year. MY 2015/16 soybean meal production is expected to stay around at 792,000 MT, a slightly lower level compared to the previous year with better soybean crushing margin than rapeseed continued. In an effort to strengthen their competitiveness against imported meal from South America, these companies have started producing de-hulled Hi-pro soybean meal with 47-percent protein content by blending U.S. and Brazilian soybeans. In CY 2015, production of de-hulled Hi-pro soybean meal with 47-percent protein fell by a half to 23 percent of total soybean meal production as imports of lower-protein soybeans prevented local crushers from producing enough hi-pro meal for export.

The breakdown of production by company and product follows. In CY 2015, CJ produced 47-percent protein dehulled meal and 45-percent protein meal in a ratio of 36:64, decreasing the production of 47-percent protein meal from the previous 67:33 ratio. However, Sajo produced 46-percent and 45-percent protein meal at a ratio of 47:53, increasing the production of 46 percent protein meal in view of the previous 27:73 ratio.

Korea: Soybean Crushing Capacity

(As of February 2016)

Soybean Crusher

Capacity (mt/day)

Location

CJ Corp

2,100 a/

Incheon

Sajo O&F

1,100

Incheon

Total

3,200

Source: Soybean Crushing Industry

Note: Day=24 hours processing basis for 330 days

a/ of them, 700 MT have been converted to crush for either rapeseed or soybeans depending on crushing margin since December 2012.

Consumption:

Nearly all imported and domestically produced soybean meal is used in compound feed production. Korean feed millers prefer soybean meal since it is more readily available than other oil meals. In MY 2014/15, after corn, soybean meal was the second most widely used ingredient in compound feed production, accounting for about 12 percent of the total compound feed production, up one percent point to account for the decrease of feed-wheat use as a protein resource, as well as offset the decrease of palm kernel meal and rapeseed meal with international price of soybean meal decreasing. In MY 2014/15, feed-wheat use declined to 7.8 percent of total compound feed production from the previous year's 8.7 percent.

MY2015/16 soybean meal consumption is predicted to stay at 2.4 MMT, as the livestock sector continues to maintain high animal inventories for the marketing year as animal operations have kept increasing animal numbers in swine, cattle and poultry sectors. However, ongoing outbreaks of HPAI and FMD may adjust the level of compound feed production later in the year.

MY 2016/17 soybean meal consumption is forecast to remain at 2.4 MMT, unchanged from the current marketing year, as local animal inventories are expected to maintain similar levels as MY 2015/16.

Rapeseed meal consumption for feed in MY 2016/17 is forecast to stay around 500,000 MT. MY2015/16 consumption is expected to increase two percent to 500,000 MT from the previous year, as animal inventories are affected by ongoing current bullish trend of beef and pork prices. In MY 2014/15, feed millers consumed 489,000 MT, down eight percent from the previous year due to substitution of lower-priced soybean meal.

Trade:

Soybean meal imports during MY 2016/17 are forecast to remain at 1.75 MMT, unchanged from the current marketing year as Korean livestock inventories remain stagnant. Despite an increase of 42 percent in soybean meal imports for the first three months over the same period of MY 2014/15, the MY 2015/16 soybean meal import estimate is expected to stay around 1.75 MMT, a slight increase over the same period of previous marketing year. In MY 2014/15, higher beginning stocks limited actual soybean meal imports at 1.74 MMT.

Rapeseed meal imports during MY 2016/17 are forecast at 520,000 MT, unchanged from the current marketing year due to strong demand for feed production. In MY 2015/16, rapeseed meal imports are expected to increase slightly due to constant demand from feed sectors. Korean feed millers imported 499,300 MT of rapeseed meal in MY 2014/15, down 10 percent over the previous marketing year with international soybean meal market continuing bearish trend in CY 2015. India has been the major supplier of rapeseed meal to Korea, and is expected to remain the top supplier for the foreseeable future. Palm kernel meal and copra meal imports are each forecast at approximately 800,000 and 400,000 MT in both MY 2015 and MY 2016, respectively. DDGS imports are also forecast to be strong to meet a greater demand for vegetable protein from feed sectors, if feed wheat supply is limited.

The CY 2016 autonomous soybean meal WTO TRQ was initially set at 2.451 MMT with a zero percent in-quota import duty, unchanged from the previous year. The CY2016 WTO TRQ for DDGS is set at unlimited volume with a zero percent in-quota import duty under FTAs. In order to help the livestock industry, the Korean government has maintained the autonomous zero duty TRQs for other vegetable protein meals such as cottonseed meal and cottonseed hulls. TRQ volumes for copra meal and palm kernel meal were eliminated due to implementing zero duty under the Korean-ASEAN FTA.

Under the Korean-ASEAN FTA, copra and palm kernel meals are imported duty free from South East Asian countries such as Indonesia, Malaysia and the Philippines. Indian soybean meal is imported duty free under the Korea-India Comprehensive Economic Partnership Agreement (CEPA). As part of the KORUS FTA, Korea eliminated import duties on vegetable protein meals such as soybean meal (2304.00.0000), DDGS (2303.30.0000), and cottonseed meal (2306.10.0000) since March 15, 2012.

Export

Korea exports some locally-crushed soybean meal that is less competitive than imported meal. Soybean meal exports for MY 2016/17 are forecast to remain unchanged from the current marketing year's estimate of 100,000 MT. The major markets for Korean soybean meal are Japan followed by Vietnam, Indonesia, Malaysia, and Cambodia.

Korea: Soybean Meal Exports

(Metric Ton)

Country

MY 12/13

MY 13/14

MY 14/15

Japan

93,906

159,836

104,210

Malaysia

160

340

600

Indonesia

11,442

13,200

0

Vietnam

1,759

3,040

5,720

Cambodia

816

2,160

864

Philippine

6,620

180

160

Others

300

565

566

Total

114,704

179,321

112,136

Soybean Meal PS&D

Meal, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Oct 2014

Oct 2015

Oct 2016

Korea, Republic of

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

850

1017

925

1000

0

1000

Extr. Rate, 999.9999

0.7976

0.7915

0.7914

0.792

0

0.792

Beginning Stocks

175

175

202

134

0

156

Production

678

805

732

792

0

792

MY Imports

1751

1736

1800

1750

0

1750

MY Imp. from U.S.

20

1

200

50

0

50

MY Imp. from EU

0

0

0

0

0

0

Total Supply

2604

2716

2734

2676

0

2698

MY Exports

112

112

150

100

0

100

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

0

0

0

0

0

0

Food Use Dom. Cons.

20

20

20

20

0

20

Feed Waste Dom. Cons.

2270

2450

2400

2400

0

2400

Total Dom. Cons.

2290

2470

2420

2420

0

2420

Ending Stocks

202

134

164

156

0

178

Total Distribution

2604

2716

2734

2676

0

2698

(1000 MT) ,(PERCENT)

Soybean Meal Import Trade Matrix

Import Trade Matrix

Country

Korea, Republic of

Commodity

Meal, Soybean

Time Period

OCT/SEP

Units:

1,000MT

Imports for:

2013

2014

U.S.

189

U.S.

1

Others

Others

Brazil

928

Brazil

970

India

184

India

45

Argentina

114

Argentina

600

China

390

China

101

Total for Others

1616

1616

Others not Listed

4

19

Grand Total

1809

1736

Rapeseed Meal PS&D

Meal, Rapeseed

2014/2015

2015/2016

2016/2017

Market Begin Year

Oct 2014

Oct 2015

Oct 2016

Korea, Republic of

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

4

0

1

0

0

0

Extr. Rate, 999.9999

0.5

0

1

0

0

0

Beginning Stocks

45

45

30

45

0

45

Production

2

0

1

0

0

0

MY Imports

499

520

335

520

0

520

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

546

565

366

565

0

565

MY Exports

0

0

0

0

0

0

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

46

20

46

20

0

20

Food Use Dom. Cons.

0

0

0

0

0

0

Feed Waste Dom. Cons.

470

500

290

500

0

500

Total Dom. Cons.

516

520

336

520

0

520

Ending Stocks

30

45

30

45

0

45

Total Distribution

546

565

366

565

0

565

(1000 MT) ,(PERCENT)

Rapeseed Meal Import Trade Matrix

Import Trade Matrix

Country

Korea, Republic of

Commodity

Meal, Rapeseed

Time Period

OCT/SEP

Units:

1,000MT

Imports for:

2013

2014

U.S.

0

U.S.

0

Others

Others

India

550

India

460

China

5

Japan

37

Total for Others

555

497

Others not Listed

0

2

Grand Total

555

499

Korea: Soybean Meal Production1/

(Metric Ton)

Month

MY 13/14

MY 14/15

MY 15/16

October

55,082

55,781

52,389

November

44,474

52,160

60,778

December

50,662

54,178

62,234

January

63,030

62,656

Na

February

52,366

62,272

Na

March

64,791

63,361

Na

April

54,505

63,291

Na

May

50,146

64,358

Na

June

59,672

64,861

Na

July

53,069

63,180

Na

August

59,180

68,167

Na

September

53,580

62,572

Na

Total

660,557

736,836

Na

Extraction Rate

73.59%

72.42%

Na

Source: Korea Soybean Processing Association

1/ based on crushers' applicable extraction rate

Korea: Feed Ingredients Use for Animal

(October/September Basis)

Items

MY 2012/2013

MY 2013/2014

MY 2014/2015

1,000 MT

Percent

1,000 MT

Percent

1,000 MT

Percent

Total Grains and Grain Substitution

12,185

64.5

12,080

64.2

12,046

63.4

- Wheat

2,710

14.4

1,633

8.7

1,480

7.8

- Corn

6,483

34.3

7,762

41.2

8,035

42.3

- Others

2,992

15.8

2,685

14.3

2,531

13.3

Total Vegetable Protein

4,623

24.5

4,674

24.8

4,867

25.6

- Soybean Meal 1/

1,986

10.5

2,079

11.0

2,272

12.0

- Rapeseed Meal

412

2.2

530

2.8

489

2.6

- Cottonseed Meal

7

0.0

1

0.0

1

0.0

- Palm Kernel Meal

782

4.1

760

4.0

686

3.6

-Copra Meal

602

3.2

399

2.1

403

2.1

-Sesame Meal

23

0.1

23

0.1

33

0.2

-Perilla seed Meal

3

0.0

3

0.0

1

0.0

-Corn Gluten Meal

83

0.4

81

0.4

82

0.4

DDGS

457

2.4

536

2.8

654

3.4

- Others

268

1.4

262

1.4

246

1.3

Total Animal Protein

182

1.0

186

1.0

189

1.0

- Fish meal

22

0.1

18

0.1

18

0.1

-Meat & Bone Meal

20

0.1

22

0.1

24

0.1

-Others

140

0.7

146

0.8

147

0.8

Total Others

1,893

10.0

1,898

10.1

1,895

10.0

TOTAL COMPOUND FEED

18,883

100.0

18,838

100.0

18,997

100.0

Korea: Imports of Major Protein Meals

(October/September)

MY 2012/2013

MY 2013/014

MY 2014/015

Volume (MT)

Value

(1,000$)

Volume

(MT)

Value

(1,000$)

Volume

(MT)

Value

(1,000$)

Soybean Meal

1,633,348

886,912

1,809,231

993,679

1,735,694

834,364

Rapeseed Meal

421,044

142,305

555,307

153,524

499,300

137,364

Fish Meal

36,711

65,223

49,440

81,780

47,933

96,092

Bone Meal

208

326

255

333

279

302

Cottonseed Meal

22,841

9,705

18,296

8,765

12,851

5,940

Sunflower Seed Meal

802

334

1,177

500

1,559

631

Copra Meal

604,925

135,666

410,146

107,136

415,632

81,495

Palm Kernel Meal

817,996

148,975

839,145

159,060

727,855

92,968

Corn Germ Meal

29,304

8,864

20,170

6,189

6,022

1,508

Others

355,664

47,848

516,931

65,856

391,038

52,327

Total

3,922,843

1,446,161

4,220,098

1,576,822

3,838,298

1,303,061

DDGS

467,309

162,913

610,372

195,429

656,307

160,458

Korea: Soybean Meal Imports for Oct.-Dec. by Origin

(Unit: MT)

MY 2015/16

USA

Brazil

Argentina

India

China

Others

Total

Oct. 2015

803

101,209

68,795

3,142

2,907

1,064

117,920

Nov

196

141,121

45,045

2,250

882

0

189,494

Dec

749

95,119

107,795

3,087

4,634

0

211,384

Subtotal

1,748

337,449

221,635

8,479

8,423

1,064

578,798

MY 2014/15 a/

414

384,718

0

7,219

16,069

0

408,417

Korea: Compound Feed Production

(October/September, 1,000 MT)

Animal Type

MY 2013/14

MY 2014/15

MY 2015/16a/

Poultry

5,107

5,551

5,500

Swine

6,015

6,049

6,200

Cattle

6,388

5,978

5,800

Others b/

1,314

1,388

1,400

Sub. Total

18,824

18,967

18,900

Aquaculture

107

128

130

Milk Substitute

39

48

50

Grand Total

18,970

19,143

19,080

Source: Korea Feed Association (KFA), Ministry for Agriculture, Food, and Rural Affairs (MAFRA)

a/ FAS/ Seoul forecast

b/ include ducks, pet food, rabbit, horse, sheep, deer, quail etc.

Korea: Applied Tariff Schedule for Oil Cake and Meals

(Percent)

Commodity

H.S. Code

2014

2015

2016

DDGS a/

2303.30.0000

3 (0)

3 (0)

3 (0)

Soybean Meal b/

2304.00.0000

1.8 (0)

1.8 (0)

1.8 (0)

Peanut Meal

2305.00.0000

5

5

5

Cottonseed Meal c/

2306.10.0000

2 (0)

2 (0)

2 (0)

Linseed Meal

2306.20.0000

5

5

5

Sunflower Seed Meal

2306.30.0000

5

5

5

Rapeseed Meal

2306.40.0000

0

0

0

Copra Meal

2306.50.0000

2 (0)

2

2

Palm Kernel Meal

2306.60.0000

2 (0)

2

2

Cottonseed Hull for feed d/

2308.00.3000

5 (0)

5 (0)

5 (0)

Source: Korea Customs Service

The figures in parentheses are the autonomous quota tariff rates for CY 2016.

a/ The applied duty is assessed on the unlimited volume of residues of brewing or distilling dregs and waste.

b/ The applied duty is assessed on the first 2.451 million tons of soybean meal.

c/ The applied duty is assessed on the unlimited volume of cottonseed meal for feed and 15,000 tons for mushroom growing.

d/ The applied duty is assessed on the unlimited volume of cottonseed hull for feed and 15,000 tons for mushroom growing.

Oil, Soybean

Oil, Palm

Production:

As CJ Corporation, a leading Korean soybean crusher, returned to soybean crushing from canola seed crushing in the second half of 2013. Due to narrow canola processing margin, MY 2014/15 soybean oil production reached 195,300 MT, up 13 percent over the previous marketing year. Current MY 2015/16 soybean oil production is expected to remain stable at 190,000 MT, a similar level from the previous marketing year unless crushing margins between soybeans and rapeseed are overturned in its flexible crushing facilities. MY2016/17 soybean oil production is forecast to follow the current marketing year.

Consumption:

Soybean oil and palm oil accounted for 73 percent of the country's total oils supply in MY 2014/15. The majority of soybean oil is consumed in the HRI sector and home, and more recently in the biodiesel sector. Food processors and restaurants rely heavily on imported soybean oil while locally processed soybean oil is generally for home use. Palm oil is primarily used for food processing, especially ramen (instant noodle) production, since it is more functional and cheaper than soybean oil. Palm oil has been increasingly used in local biodiesel production.

Soybean oil consumption in MY 2016/17 is forecast at 470,000 MT, unchanged from the current marketing year's estimate because of stagnant demand for bio-diesel production as it is less cost effective than palm oil. Meanwhile, palm oil consumption during this period is forecast at 450,000 MT, unchanged from the current marketing year because of stagnant demand from the bio-diesel sector.

Trade:

The biodiesel sector has been the main driver behind rising edible oil imports since MY 2007/08. MY 2016/17 soybean oil imports are forecast at 300,000 MT, unchanged from the current marketing year's estimate due to limited demand for biodiesel caused by comparatively cheaper palm oil. In MY 2015/16, soybean oil imports are stagnant at 300,000 MT, slightly increasing from the previous year. Soybean oil imported from South America, particularly Argentina, is much more price-competitive than domestically-produced soybean oil made from imported soybeans.

In MY 2016/17, palm oil imports are forecast to increase to 480,000 MT, mainly due to rising demand from the biodiesel industry as Korean government plans to implement revised regulations to raise the mandatory inclusion rate to 2.5 percent from current 2 percent in the second half of 2016. Palm oil imports for biodiesel are expected to reach 270,000 MT, up 13 percent from the current marketing year estimate as it's more competitively-priced than other oil-based feed stocks. Palm oil imports for use in the local soap industry are expected to remain steady at 20,000 MT. In MY 2015/16, palm oil imports are expected to increase to 450,000 MT to meet constant demand for biodiesel purpose than the previous year.

Palm oil has been imported duty free under Korea-ASEAN FTA since June 2007.

Under the KORUS FTA effective since March 15, 2012, Korea's 5.4 percent duty on imports of crude soybean oil is scheduled to be phased out in 10 equal annual reductions, while the 5.4 percent on refined soybean oil will be phased out in five equal annual reductions. Therefore U.S. refined soybean oil is importable at duty free in CY 2016. Korea also eliminated the import duty on palm oil immediately under the KORUS FTA.

Soybean Oil PS&D

Oil, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Oct 2014

Oct 2015

Oct 2016

Korea, Republic of

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

850

1017

925

1000

0

1000

Extr. Rate, 999.9999

0.1788

0.1917

0.1773

0.19

0

0.19

Beginning Stocks

49

49

19

47

0

57

Production

152

195

164

190

0

190

MY Imports

257

257

300

300

0

300

MY Imp. from U.S.

40

50

40

50

0

50

MY Imp. from EU

0

0

0

0

0

0

Total Supply

458

501

483

537

0

547

MY Exports

4

4

5

20

0

20

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

40

40

40

40

0

40

Food Use Dom. Cons.

395

410

415

420

0

430

Feed Waste Dom. Cons.

0

0

0

0

0

0

Total Dom. Cons.

435

450

455

460

0

470

Ending Stocks

19

47

23

57

0

57

Total Distribution

458

501

483

537

0

547

(1000 MT) ,(PERCENT)

Palm Oil PS&D

Oil, Palm

2014/2015

2015/2016

2016/2017

Market Begin Year

Oct 2014

Oct 2015

Oct 2016

Korea, Republic of

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Planted

0

0

0

0

0

0

Area Harvested

0

0

0

0

0

0

Trees

0

0

0

0

0

0

Beginning Stocks

44

44

44

49

0

49

Production

0

0

0

0

0

0

MY Imports

445

445

450

450

0

480

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

489

489

494

499

0

529

MY Exports

0

0

0

0

0

0

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

210

230

230

240

0

270

Food Use Dom. Cons.

235

210

220

210

0

210

Feed Waste Dom. Cons.

0

0

0

0

0

0

Total Dom. Cons.

445

440

450

450

0

480

Ending Stocks

44

49

44

49

0

49

Total Distribution

489

489

494

499

0

529

(1000 HA) ,(1000 TREES) ,(1000 MT)

Korea: Domestic Production of Vegetable Oils1/

(Metric Ton)

Commodities

MY 2012/13

MY 2013/14

MY 2014/15

Soybean Oil

150,000

173,100

195,300

Corn Oil

41,132

45,558

47,443

Sesame Oil

21,404

22,988

23,404

Rice Bran Oil

10,000

10,000

10,000

Rapeseed Oil

26,937

436

1,523

Perilla Seed Oil

22,490

23,349

27,994

Total

271,963

275,431

305,664

Korea: Total Supply of Edible Oils

(Metric Ton)

Commodity

MY 2012/13

MY 2013/14

MY 2014/15

Soybean Oil

450,463

451,194

452,770

Palm Oil

346,614

402,553

445,071

Corn Oil

42,119

47,928

51,026

Rapeseed Oil

103,272

88,350

102,915

Coconut Oil

62,387

58,217

50,432

Olive Oil

9,728

14,536

13,326

Cottonseed Oil

3,037

506

245

Sesame Oil

21,864

23,465

23,710

Rice Bran Oil

21,282

23,912

23,755

Perilla Seed Oil

23,437

24,248

29,009

Fish Oil

9,923

10,085

8,363

Sunflower Oil

18,699

20,880

25,207

Total

1,112,825

1,165,874

1,225,829

Korea: Fats and Oils Imports

(MT & US$1,000, Oct/Sep)

Commodity

MY 2012/13

MY 2013/14

MY 2014/15

Volume

Value

Volume

Value

Volume

Value

Palm Oil

346,614

292,333

402,553

340,786

445,072

299,371

Tallow

24,013

23,241

10,483

10,140

22,971

16,055

Lard

486

471

0

0

93

79

Coconut Oil

61,801

58,814

57,858

73,628

49,852

63,463

Cottonseed Oil

3,037

2,739

506

677

245

380

Fish Oil

8,923

20,436

9,085

19,420

7,363

13,705

Soy Oil

300,463

353,753

278,144

272,191

257,472

220,071

Corn Oil

987

1,072

2,370

2,341

3,583

3,255

Rapeseed Oil

76,355

99,762

87,914

90,445

101,392

89,916

Palm Kernel Oil

7,195

7,310

8,910

12,005

9,346

10,604

Rice Bran Oil

11,282

18,241

13,912

20,687

13,755

20,114

Castor Oil

6,659

10,595

7,318

11,356

7,420

11,096

Linseed Oil

6,048

9,710

6,354

8,814

6,197

9,756

Sunflower Oil

18,699

31,675

20,880

31,186

25,207

33,727

Safflower Oil

20

81

33

137

103

347

Olive Oil

9,728

39,799

14,536

56,799

13,326

55,952

Jojoba Oil

47

1,348

46

1,079

39

879

Peanut Oil

13

111

19

120

26

129

Sesame Oil

460

2,172

477

2,653

306

1,503

Perilla Oil

947

2,582

899

3,700

1,015

4,188

Camellia Oil

18

294

26

393

37

664

Babassu Oil

4

51

9

119

8

73

Other Oil

13,924

25,137

10,010

47,075

13,472

45,492

Total

897,723

1,001,727

932,342

1,005,751

978,297

900,818

Korea: Applied Tariff Schedule For Fats And Oils

(Percent)

Commodity

H.S. Code

General Rate

2015

2016

Lard

1501.00.10xx

3

3

3

Beef Tallow

1502.00.10xx

2

2

2

Other Tallow

1502.00.90xx

3

3

3

Fish Oil

1504.xx.xxxx

3

3

3

Soybean Oil for Food, Crude

1507.10.1000

5

5

5

Soybean Oil For Biodiesel, Crude

1507.10.2000

5

5

5

Soybean Oil for Other, Crude

1507.10.9000

5

5

5

Soybean Oil for Food, Refined

1507.90.1010

5

5

5

Soybean Oil For Biodiesel, Refined

1507.90.1020

5

5

5

Soybean Oil for Other, Refined

1507.90.1090

5

5

5

Soybean Oil, Other

1507.90.9000

5

8

8

Peanut Oil

1508.xx.xxxx

27

27

27

Olive Oil

1509.xx.xxxx

5

5

5

Palm Crude Oil

1511.10.0000

3

3

3

Palm Oil

1511.90.xxxx

2

2

2

Sunflower Oil

1512.1x.xxxx

5

5

5

Safflower Oil

1512.1x.xxxx

5

5

5

Cotton Seed Oil

1512.2x.xxxx

5

5

5

Coconut Oil

1513.1x.xxxx

3

3

3

Palm Kernel Oil

1513.2x.xxxx

8

8

8

Rapeseed Oil, Crude

1514.11.0000

5

5

5

Rapeseed Oil, Refined

1514.19.xxxx

5

5

5

Rapeseed Oil, Other, Crude

1514.91.1000

5

5

5

Linseed Oil

1515.1x.xxxx

5

5

5

Corn Oil

1515.2x.xxxx

5

5

5

Castor Oil

1515.30.xxxx

5

8

8

Tung Oil

1515.90.9040

8

8

8

Sesame Oil 1/

1515.50.0000

40

40

40

Perilla Seed Oil

1515.90.1000

36

36

36

Rice Bran Oil

1515.90.9010

5

5

5

Other, Crude

1515.90.9090

5

5

5

Source: Korea Customs Research Institute, Tariff Schedules for Korea

1/ In-Quota tariff rate under the WTO TRQ. Quota is 668 tons. The out-of-quota tariff rate is 630 percent or 12,060 Won/Kg, whichever is greater.