Production:

Soybeans account for approximately 73 percent of Korea's total oilseed production, while sesame and perilla combine for about 22 percent of the total in MY 2013/14. 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 1,155 soybean farmers from December 24-31, 2014. According to the survey results, MY 2015/16 soybean area is forecast to decrease to 70,201 hectares, down 4,451 hectares (6 percent) from the previous year's harvest. This decrease is due to domestic soybean prices that have been bearish affected by greater yields in two recent consecutive years. Using the KREI survey results as a benchmark, Post is forecasting MY 2015/16 soybean production to decrease by 13 percent from the previous year on a five-year-average yield.

In MY 2014/15, soybean production decreased to 139,267 MT, down 14,800 MT (10 percent) from the previous year due to declining soybean acreage coupled with lower yield, caused by unfavorable weather during the pollination stage in the southern area of the Korean peninsula.

In CY2015, government purchases of 2014 soybean crop were approximately 9,409 MT, reaching about 94 percent of purchasing target as farmers opted to sell their beans through the government purchase channel because of bearish commercial trends in the soybean market since fall 2013. The bearish commercial market prices caused by consecutive bumper crops forced farmers to sell their soybeans to the government at Korean Won 3,868/kg ($3.68) as the prescribed rate.

Korea: Soybean Production

Crop Year

Area (ha)

Yield (kg/ha)

Production (mt)

2009

70,265

1,982

139,251

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 (f) 1/

70,201

1,690

120,000

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

1/ FAS Seoul forecast.

Korea: 2015 Soybean Planting Intention

Crop Year

Upland (ha)

Paddy Land (ha)

Total (ha)

2014

63,867

10,785

74,652

2015

60,088

10,114

70,201

Growth Rate (%)

-5.9

-6.2

-6.0

Source: Korea Rural Economic Institute (KREI)

Note: Based on KREI telephone survey to 1,155 farm households for December 24-31, 2014

Korea: Oilseed Area and Production

(Hectares and Metric tons)

Crops

MY 2013

MY 2014

Area

Production

Area

Production

Soybean

80,031

154,067

74,652

139,267

Peanuts2/

4,374

10,875

Na3/

Na3/

Sesame

23,184

12,392

28,370

12,158

Perilla

30,130

33,347

Na3/

Na3/

Total

137,719

210,681

Na3/

Na3/

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

Notes:

1/ FAS/Seoul estimates.

2/ In-shell

3/ Data will be available around May 2015

Korea: Government Purchases of Soybeans

Year

Grown in rice paddy area

Grown in upland area

Total Purchase

(mt)

Price (KRW/Kg)1/

Quantity

(mt)

Price (KRW/Kg)1/

Quantity (mt)

2008

3,017

1,891

3,017

1,025

2,916

2009

3,168

509

3,168

763

1,272

2010

3,168

0

3,168

0

0

2011

3,168

0

3,168

0

0

2012

3,618

0

3,618

0

0

2013

3,868

1,373

3,868

7,571

8,944

2014

3,868

na

3,868

na

9,409

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

1/ Price based on No. 1 grade of large-sized kernel

Korea: Wholesale Prices of Domestic Soybeans

(High Quality, Korean Won per Kg)

Month

Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sep

Oct

Nov

Dec

2010

3,761

3,860

4,071

4,283

4,457

4,814

4,929

4,851

4,719

5,410

6,309

6,722

2011

7,027

7,121

7,185

7,250

7,244

7,163

7,080

6,971

6,855

6,145

5,581

5,320

2012

5,177

5,229

5,254

5,436

5,548

5,580

5,583

5,583

5,583

5,647

5,961

6,155

2013

6,229

6,311

6,314

6,314

6,333

6,326

6,338

6,286

6,286

5,885

5,193

4,594

2014

4,435

4,142

4,057

4,057

4,057

4,057

4,057

4,057

4,057

3,931

3,997

3,973

2015

3,977

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

Applicable Exchange Rate (Korean Won per USD): 1,052 on average in 2014

Consumption:

Soybeans account for the majority of oilseed consumption. Consumption in MY 2015/16 is forecast to remain unchanged from the current marketing year at 1.36 million MT amid gradually decreasing domestic production, of which 900,000 MT will go for crushing and 410,000 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 stagnant at the level of 900,000 MT since CJ Corporation, a leading Korean soybean crusher, decided to return to soybean crushing from canola seed crushing in the second half of 2013 due to narrow canola processing margin. CJ adapted their flexible crushing facilities system and operated according to a comparison of crushing margins between rapeseed/canola and soybeans since December 2012. In MY 2012/13, CJ Corporation crushed 62,000 MT of canola seed.

In MY 2014/15, soybean consumption is expected to decrease to 1.36 million MT due to less consumption of food soybeans caused by declining domestic soybean production, consisting of 900,000 MT for crushing and 410,000 MT for food, respectively.

In MY 2013/14, because of canola seed's narrow crushing margin, CJ Corporation returned to soybean crushing which resulted in increased soybean consumption for crushing to 897,610 MT, up 11 percent from the previous year. Bearish trend of domestic soybeans prices caused by a consecutive bumper crop led to the increase of domestic soybean use for food processing as well.

Korea: Soybean Consumption for Crushing

(Metric Ton)

Month

MY 12/13

MY 13/14

MY 14/15

October

59,200

72,100

77,250

November

67,800

59,500

72,500

December

66,700

68,900

76,250

January

66,600

83,040

Na

February

59,700

71,500

Na

March

81,000

90,100

Na

April

78,100

75,570

Na

May

74,000

68,500

Na

June

66,900

79,900

Na

July

54,000

72,000

Na

August

71,300

82,250

Na

September

62,300

74,250

Na

Total

807,600

897,610

Na

Source: Korea Soybean Processing Association

Korea: Distribution of Imported Soybeans for Food Manufacturing

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

(Calendar Year, Metric Ton)

Item\Year

CY 2012

CY 2013

CY 2014

Soybean Curd

131,655

140,837

117,393

Soy Paste

39,475

44,208

39,460

Soy Paste/Soy Flour

5,458

5,631

6,112

Soy Milk

34,805

38,330

27,923

Soy Sprout

30,375

45,000

29,201

Others 1/

664

300

300

Sub. Total

242,432

274,306

220,389

By product 2/

58,200

36,000

37,119

Total (A)

300,632

310,360

257,508

TRQ Allocation to End-Users Direct Commercial Purchases

Soybean Curd

6,802

13,012

8,000

Soymilk

3,161

4,033

0

Soy-Paste/Red Pepper

4,323

4,970

2,000

Soy Sprout

10,000

2,985

10,000

Total (B)

24,286

25,000

20,000

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

6,800

5,800

6,800

Grand Total (A+B+C)

331,718

341,106

284,308

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 92 percent of total oilseed imports of which approximately 70 percent are used for crushing in the latest marketing year. Despite the constant demand for imported soybeans, MY 2015/16 soybean imports are forecast to remain unchanged from the current marketing year estimate of 1.2 million MT. MY 2014/15 soybean imports are expected to decrease 6 percent from the previous year due to a higher beginning stocks.

Crushing

Imports of crushing soybeans in MY2015/16 are forecast to remain largely unchanged from the current marketing year's estimate of 900,000 MT in consideration of crushers' preference to process soybeans rather than rapeseed.

Imports during the first three months of MY2014/2015 (Oct-Dec) reached slightly less than 220,000 MT with an additional 440,000 MT contracted for delivery during Jan - Jun 2015. However, import numbers during the first quarter of MY2014/15 were up 10 percent over the same period of MY 2013/14, crushers are expected to import 3 percent less than the previous year's level in consideration of higher level beginning stocks of crushing soybeans.

The CY 2015 autonomous crushing soybean quota is 1.1 million tons with an adjustable in-quota tariff, which was cut from 3 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 2013/14 the majority of crushing beans came from the United States and Brazil followed by Paraguay.

Korea: Total Soybean Imports

(Unit: MT)

Marketing Year (Oct/Sep)

Crushing Soybean

Food Grade Soybean

Total

2007/08

927,847

295,333

1,223,180

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

Source: Korea Customs Service (KCS)

Korea: Crushing Soybean Imports by Origin

(Unit: MT)

Marketing Year (Oct/Sep)

USA

Brazil

China

Others

Total

2006/07

485,397

465,529

20

0

950,946

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

0

43,621a/

934,281

2011/12

173,447

418,292

0

194,915a/

786,654

2012/13

374,167

384,262

0

53,461a/

811,886

2013/14

372,504

455,920

0

101,853 a/

930,277

Source: Korea Customs Service (KCS)

a/ Paraguay

Korea: Soybean Contracts for Crushing under MY 2014/15 Arrival by Origin

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

Estimated Time of Arrival

USA

Brazil

Optional1/

Others

Total

Oct. 2014

0

0

55

0

55

Nov

55

0

55

0

110

Dec

55

0

0

0

55

Jan. 2015

55

0

0

0

55

Feb

110

0

0

0

110

Mar

110

0

0

0

110

Apr

0

0

55

0

55

May

0

0

55

0

55

Jun

0

0

55

0

55

Jul

Na

Na

Na

Na

Na

Aug

Na

Na

Na

Na

Na

Sep.

Na

Na

Na

Na

Na

Total

385

Na

275

Na

660

Source: Local Traders

1/ optional origin between Brazil and Paraguay

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 2016 anticipated TRQ based procurement plan, aT contracted for 180,000 MT of soybeans on basis trading contracts at the end of 2014, with delivery during the first half of CY 2016. Accordingly, in MY 2015/16 imports of food grade soybeans are forecast in the range of 280,000-300,000 MT under autonomous WTO TRQ, with the majority coming from the United States followed by China, Canada, and Brazil. The United States is expected to retain 60 – 70 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 2015 TRQ of 270,000 MT based procurement plan, aT will directly import 250,000 MT of soybeans, of which 220,000 MT is for food processing and 30,000 MT is for sprouting. The import license for the remaining 20,000 MT has been allocated to end-users, who can contract with soybeans suppliers directly. In late 2013, aT purchased 200,000 MT on basis trading contracts from the United States for delivery during the first half of CY 2015. The remaining 20,000 MT will likely be purchased off the spot market sometime in CY 2015 with delivery during the second half of CY 2015.

In CY2014, aT distributed about 191,188 MT of imported food-quality soybeans (excluding soy by-products and sprouts) at an average price of Korean Won1,020 per KG (or $970/MT), which was unchanged from the previous year. During this period, the average price of imported soybeans for food processing was $749/MT (CIF). Based on these figures, aT made an estimated $42 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

2006/07

114,339

8,000

133,917

23,874

280,130

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

Source: Korea Customs Service (KCS)

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

The government set the 2015 autonomous WTO TRQ for U.S. #1 grade soybeans at about 270,000 MT, consisting of approximately 30,000 MT of soybeans for sprouting and 240,000 MT for food processing. The TRQ also includes a 20,000 MT allocation for direct import under an import license quota, consisting of 10,000 MT of soybeans for sprouting and 10,000 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 2015 represents year four of the agreement, the quota for this year is 25,750 MT. The TRQ is administered by associations of food-grade soybean processors and gives U.S. suppliers direct market access to these companies. However, Korean food soybeans processors imported just 3,453 MT, or 35 percent of the 2012 KORUS FTA quota due to unexpectedly high U.S. soybean prices, short lead time for contracting IP soybeans, and the availability of lower-priced soybeans marketed by aT. In CY 2013, Korean soybean processors who secured 20,000 MT of TRQ under the KORUS FTA imported 12,046 MT, or 60 percent of the 2013 TRQ because they failed to purchase IP food grade soybeans in the spot markets on time, which has typically traded on a contract farming basis.

In CY 2014, Korean soybean processors successfully imported 23,832 MT, 95 percent of 25,000 MT of the KORUS FTA TRQ by securing IP food grade soybeans through farming contracts in advance. The KORUS FTA TRQ of 25,750 MT in CY 2015 has already been allocated to soybean processors.

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.

Korea also 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.

Korea: IP Soybeans Quota Allocation under KORUS FTA

(Metric Ton)

Calendar Year

Allocation

Implementation

Ratio (%)

2012

10,000

3,453

35

2013

20,000

12,046

60

2014

25,000

23,832

95

2015

25,750

na

na

2016

26,523

na

na

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

Korea: KORUS FTA IP Soybeans Quota Allocation and Imports per Processor Association

(Metric Ton)

Trade Association of Food Soybeans Processors

2014

2015

2016

Allocation

Import

Allocation

Allocation

Korea Federation of Tofu Coop.(KFTC)

7,127

6,905

7,370

7,610

Kyung-In/Seoul Soybean Processed Foods Cooperation

1,663

1,660

1,520

1,470

Korea Jang Cooperative

4,970

4,371

5,040

5,200

Korea Foods Industry Association

4,033

4,031

4,340

4,050

Korea Soybean Foodstuffs Association

1,647

1,305

1,620

1,720

Korea Bean Curd Manufacture Coop.

2,317

2,317

2,490

2,490

Seoul Kyung In Beancurd Manufacture Cooperation

363

363

410

423

Korea Beansprout Association

2,880

2880

2,900

2,860

Korea Dhyana Food Industry Cooperative

-

-

60

140

Seoul Soybean-Processed Foods Cooperative

-

-

-

560

Total

25,000

23,832

25,750

26,523

Source: Korea Customs Service (KCS); Korea Agro-Fishery & Food Trade Corporation (aT)

Korea: Australian and Canadian IP Soybeans TRQ under FTA

(Metric Ton)

Year

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Australia

500

550

600

650

700

750

800

850

900

950

1,000

Canada

na

5,000

7,500

10,000

12,500

15,000

15,400

15,800

16,200

16,600

17,000

Source: Korea-Canada FTA, Korea-Australia FTA

Soybean, Oilseed PS&D

Oilseed, Soybean

2013/2014

2014/2015

2015/2016

Market Begin Year

Oct 2013

Oct 2014

Oct 2015

Korea, South

USDA Official

New post

USDA Official

New post

USDA Official

New post

Area Planted

80

80

80

75

0

70

Area Harvested

80

80

74

75

0

70

Beginning Stocks

61

61

46

118

0

97

Production

154

154

127

139

0

120

MY Imports

1,271

1,271

1,300

1,200

0

1,200

MY Imp. from U.S.

500

620

570

600

0

600

MY Imp. from EU

0

0

0

0

0

0

Total Supply

1,486

1,486

1,473

1,457

0

1,417

MY Exports

0

0

0

0

0

0

MY Exp. to EU

0

0

0

0

0

0

Crush

1,000

898

950

900

0

900

Food Use Dom. Cons.

400

420

410

410

0

410

Feed Waste Dom. Cons.

40

50

50

50

0

50

Total Dom. Cons.

1,440

1,368

1,410

1,360

0

1,360

Ending Stocks

46

118

63

97

0

57

Total Distribution

1,486

1,486

1,473

1,457

0

1,417

1000 HA, 1000 MT

Soybean Import Trade Matrix

Import Trade Matrix

Country

Korea, Republic of

Commodity

Oilseed, Soybean

Time Period

OCT/SEP

Units:

1,000MT

Imports for:

2012

2013

U.S.

567

U.S.

620

Others

Others

Brazil

386

Brazil

456

China

83

China

80

Paraguay

53

Paraguay

102

Canada

19

Canada

8

Total for Others

541

646

Others not Listed

4

5

Grand Total

1112

1271

Source: Korea Customs Service (KCS)

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

(Unit: MT)

Soybean for Crushing (HS1201.90.1000)

MY2014/15

USA

Brazil

China

Others

Total

Oct. 2014

0

49,855

0

42,507b/

92,362

Nov

0

12,952

0

8,301b/

21,253

Dec

104,477

286

0

0

104,763

Subtotal

104,477

63,093

0

50,808

218,374

MY2013/14a/

99,891

54,502

0

43,438

197,831

Soybean for Sprouting (HS1201.90.3000)

MY2014/15

USA

Brazil

China

Others

Total

Oct. 2014

0

0

80

0

80

Nov

0

0

880

0

880

Dec

20

0

8,580

0

8,600

Subtotal

20

0

9,540

0

9,560

MY2013/14a/

0

0

7,902

500

8,402

Soybean for Food Processing (HS1201.90.9000)

MY2014/15

USA

Brazil

China

Others

Total

Oct. 2014

0

1,000

405

0

1,405

Nov

1,378

0

840

0

2,218

Dec

4,890

0

656

1,459c/

7,005

Subtotal

6,268

1,000

1,901

1,459

10,628

MY2013/14a/

23,096

80

11,495

5,578

40,248

Soybeans Total

MY2014/15

USA

Brazil

China

Others

Total

Oct. 2014

0

50,855

485

42,507

93,847

Nov

1,378

12,952

1,720

8,301

24,351

Dec

109,387

286

9,236

1,456

120,368

Subtotal

110,765

64,093

11,441

52,267

238,566

MY2013/14a/

122,987

54,582

19,397

46,416

246,481

Source: Korea Customs Service (KCS)

a/ October – December 2013

b/ Paraguay

c/ Canada (1,346), Australia (23) and Russia (90)

Korea: Oilseed Imports

(Metric Tons, $1,000)

MY 2012/13

MY 2013/14

Volume

Value

Volume

Value

Soybean

1,111,545

759,431

1,270,962

824,725

Peanuts

963

1,642

551

788

Copra

1,303

1,416

798

947

Linseed

1,010

1,142

1,319

1,388

Rapeseed

61,945

44,245

37

123

Sunflower Seed

2,851

5,308

3,566

6,465

Castor Bean

31

24

24

29

Sesame Seed

75,925

159,535

78,680

199,608

Mustard Seed

1,605

1,507

1,572

1,493

Safflower Seed

336

270

486

358

Perilla Seed

27,310

44,040

25,027

46,785

Others

3,030

3,011

3,198

4,302

Total

1,287,854

1,021,571

1,386,220

1,087,011

Source: Korea Customs Service

Korea: Applied Tariff Schedule for Oilseeds

(Percent)

Commodity

H.S. Code

2013

2014

2015

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 (5)

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 1.1 million tons of soybeans imported for crushing and feed purposes for CY 2015.

2/ An applied duty rate of 5 percent is applied to 270,000 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 160,000 tons of cotton seed for feed in the CY 2015.

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.