In the short period from 1970 to 1990, export-led industrialization transformed South Korea from one of the world's poorest economies to the 11th largest. It became a member of the so-called developed countries club, the Organisation for Economic Co-operation and Development (OECD), in 1996. In the course of economic development, the importance of agriculture declined. Its contribution to Gross Domestic Product dropped from 40 percent in the early 1960s to less than 5 percent in the early 2000s, while agricultural employment declined from more than 50 percent to less than 10 percent of the labor force. The momentum of South Korea's strong economic growth was dramatically interrupted in December 1997 when a financial crisis pushed the economy to the brink of default. A record $57 billion loan granted by the International Money Fund to help overcome the crisis was accompanied by strict conditions for reform. The economy rebounded sharply and has grown since, with a pause in the global recession of 2009.
Agriculture, in contrast to the rest of the economy, has little export focus and exists with heavy protection from the government. South Korea strives to be self-sufficient in rice, horticultural products, and livestock production. Densely populated and increasingly wealthy, South Korea does not have enough cropland and pasture to support both direct human food use and animal feeding. Since the 1960s, South Korea has been a large net importer of agricultural products: raw materials (cotton, hides) to support the manufacture of clothing and shoes for export, wheat for food use, and feedstuffs (corn, soybeans) for livestock production.
Trade liberalization in the 1990s opened a large, growing trade in value-added and high-value commodities, including meats, fruits and vegetables, processed foods, and beverages. South Korea is likely to import greater amounts of agricultural products in the future because of domestic market forces and market-access measures negotiated in bilateral and multilateral agreements. New free trade agreements with the European Union and the United States in 2011 and 2012 included lower bilateral tariffs on South Korea's agricultural imports.
Key Statistics
See all data 2000-2010 16x16 - Excel
Calendar year
2009
2010
2011
Population (million persons)
48.0
48.1
48.3
48.5
48.6
48.8
48.9
49.8
Share of total population on farms (percent)
7.1
7.1
6.8
6.8
6.6
6.4
NA
6.0
Gross domestic product (billion US$)
608
845
951
1,049
931
834
1,015
1,116
In trillion won
827
865
909
975
1,026
1,065
1,173
1,237
Growth rate, at 2000 prices (percent)
4.6
4.0
5.2
5.1
2.3
0.3
6.2
3.6
Per person (gross national income, US$)
15,082
17,531
19,722
21,695
19,295
17,193
20,769
22,489
Exchange rate, won/US$
1,145
1,024
956
929
1,102
1,277
1,156
1,108
Land area
Total (million hectares)
9.962
9.965
9.968
9.972
9.982
9,990
NA
NA
Area of cultivated land (million hectares)
1.836
1.824
1.800
1.782
1.759
1,737
NA
NA
Average cultivated area per farm household (hectares)
1.48
1.43
1.45
1.45
1.45
145
NA
NA
Principal crops (1,000 mt)
Rice, milled
5,000
4,768
4,680
4,408
4,843
4,916
4,295
4,224
Barley, unhulled
249
272
208
230
241
211
NA
NA
Corn
78
73
65
84
93
77
73
78
Soybeans
139
183
156
114
132
139
105
129
Potatoes, white and sweet
988
1,177
917
927
934
941
NA
NA
Fruits
2,411
2,593
2,504
2,750
2,698
2,881
NA
NA
Vegetables
10,062
9,097
9,445
8,828
9,343
9,353
NA
NA
Livestock production (1,000 mt)
Beef, carcass weight
186
195
200
219
246
267
247
280
Pork, carcass weight
1,100
1,036
1,000
1,043
1,056
1,062
1,110
837
Broiler meat
432
451
523
570
565
613
647
686
Milk
2,255
2,229
2,176
2,188
2,139
2,110
2,103
1,869
Eggs
508
515
537
544
542
579
NA
NA
Agricultural exports (million US$)
1,669
1,811
1,816
2,005
2,310
2,479
3,139
4,018
Ramen noodles
157
136
103
116
130
142
157
187
Pork and offals
27
34
24
26
18
12
1
2
Refined sugar; confectionery products
175
200
235
239
252
257
390
473
Agricultural imports (million US$)
10,512
11,060
12,323
14,801
18,872
14,983
18,645
25,573
Corn
1,432
1,213
1,265
1,826
2,820
1,638
1,990
2,498
Beef
544
670
792
939
960
797
1,080
1,522
Hides/skins
421
408
364
381
369
268
386
446
Wheat
660
666
656
828
1,274
949
1,067
1,647
Cotton
430
355
299
305
342
292
406
855
Soybeans
480
391
321
415
792
592
574
676
Pork
334
591
741
863
823
672
664
1,438
Rubber, natural
456
509
734
789
1,003
600
1,195
1,929
NA = Not available.
Sources: Economic Research Service; Korea Customs Data; Korea National Statistical Office; Bank of Korea; Korea Rural Economic Institute; National Agricultural Cooperative Federation, Korea; Pacific exchange rate service; Production, Supply, and Demand database, USDA;Statistical Yearbook of Agriculture and Forestry, Republic of Korea.
Map
Map of South Korea
