Deal Expands U.S. Rice Market in South Korea

The White House has struck a deal with South Korea that offers steadier access to the Korean market for U.S. rice growers.

Seoul agreed to allow an additional 130,000 tons of U.S. rice imports per year, the Trump administration recently announced. The decision caps five years of trade talks with South Korea and could result in about $110 million
worth of annual exports.

The additional exports won’t dramatically change the fortunes of U.S. rice growers. They account for about 1 percent of U.S. rice production, which was nearly 10 million tons in 2017, according to USDA.

Rice exports to Korea will continue to face a 5 percent tariff after the new quota takes effect Jan. 1.

Source: Politico