GAIN Reports from February 14, 2025

The following GAIN reports were released on February 14, 2025. _______     Bulgaria: Grain and Feed Market Update Based on the final official harvest data, the Bulgarian corn crop fell to only 1.5 million metric tons (MMT) in marketing year (MY) 2024/25. This is the smallest corn crop since 2012, and was impacted by intense summer heat and drought followed by adverse rainy weather during the harvest. Corn import levels are growing this year due to the local supply deficit and continued demand for high-quality corn for food use. Domestic consumption of wheat and barley in MY 2024/25 is increasing due to the substitution from corn for feed and for industrial use, which lowers exportable surpluses. Because of this wheat exports are lagging 10 percent behind last year's level, with almost 80 percent destined for markets outside the European Union (EU). Despite higher domestic use, because of the bumper barley crop, exports have doubled compared to MY 2023/24. Local farmers increased planted area under winter grains for the MY 2025/26 harvest and current production prospects are positive.   Burma: Myanmar Customs Announces New Online System for Burma Import Recommendations Burma will launch online applications for Import Recommendations for Livestock and Fishery products on February 15, 2025.   South Korea: 2025 Adjustment and Voluntary TRQs for Agricultural Commodities On December 31, 2024, Korea issued its flexible tariff Adjustment and Tariff Rate Quota list for certain agricultural, forestry and fishery products for calendar year (CY) 2025. Flexible tariffs, which include tariff rate quotas (TRQs) and adjustment duties, are utilized by the Korean government to stabilize consumer prices and balance supply and demand. Korea's 2025 tariff adjustments were relatively unchanged from the previous year. However, in response to continued food price instability, Korea expanded TRQs for certain agricultural and food ingredient commodities, including fruits and fresh vegetables. Overall, U.S. agricultural and related exports will receive more favorable tariff rates under the U.S.-Korea Free Trade Agreement (KORUS), but tariffs on U.S. oranges imported beyond the KORUS seasonal quota will be reduced from 50 to 20 percent in January and February. For more information, or for an archive of all FAS GAIN reports, please visit gain.fas.usda.gov/. Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please visit subscriberhelp.govdelivery.com. This service is provided to you at no charge by USDA Foreign Agricultural Service. This email was sent to ooseims.archieves@blogger.com using GovDelivery Communications Cloud on behalf of: USDA Foreign Agricultural Service · 1400 Independence Avenue, SW · Washington, DC 20250