Promote agricultural and fisheries food exports while ignoring the annual 5 trillion won agricultural and fisheries trade deficit
...
Lee ByungJae(2025-10-13 15:41:13)
According to the data confirmed by Representative Yoon Joon-byung of the National Assembly's Agriculture, Forestry, Livestock, Food and Fisheries Committee through Kati Agricultural Export Information, the export value of agricultural, forestry, livestock, and fisheries products (including food and non-food items) as of last year was $12.85 billion, while the import value was $48.94 billion. As a result, the overall trade balance of agricultural, forestry, livestock, and fisheries products was -$3.59 billion, revealing a deficit of approximately $50.84 billion.
The overall trade deficit in agricultural, forestry, livestock, and fisheries products was not just a problem for last year. It has been occurring annually with deficits of -$4.35 billion in 2022, -$3.81 billion in 2023, and -$3.59 billion last year, totaling deficits of over $50 billion each year.
In particular, the Ministry of Agriculture, Forestry, and Fisheries boasted that the agricultural food export performance in 2024 reached $9.98 billion, the highest ever, but during the same period, the import value of agricultural, forestry, and livestock products amounted to $42.85 billion, which was 4.3 times the export value.
Regarding the trade deficit in agricultural, forestry, livestock, and fisheries products by country as of last year, the United States had the largest deficit at $7.72 billion. Recently, the Moon Jae-in government achieved success in preventing further market opening for agricultural and livestock products such as rice and beef through tariff negotiations with the Trump administration. However, there are calls for measures to reduce the trade deficit and support for domestic farmers affected by the opening of agricultural and fisheries imports.