Price for Cereal Groats and Meal; of Wheat in South Korea - 2022

Price for Cereal Groats and Meal; of Wheat in South Korea (CIF) - 2022

The average import price for cereal groats and meal; of wheats stood at $979 per ton in 2022, growing by 14% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 26%. The import price peaked at $1,017 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($1,164 per ton), while the price for Russia ($501 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Cereal Groats and Meal; of Wheat in South Korea (FOB) - 2022

The average export price for cereal groats and meal; of wheats stood at $2,073 per ton in 2022, picking up by 23% against the previous year. Over the period under review, the export price posted a slight expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 58% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($62,750 per ton), while the average price for exports to Indonesia ($1,628 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+27.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cereal Groats and Meal; of Wheat in South Korea

Imports of cereal groats and meal; of wheats into South Korea declined notably to 50 tons in 2022, waning by -90.6% on 2021. In general, imports showed a sharp slump. The growth pace was the most rapid in 2021 when imports increased by 22% against the previous year. As a result, imports attained the peak of 529 tons, and then fell sharply in the following year.

In value terms, imports of cereal groats and meal; of wheats contracted significantly to $49K in 2022. Over the period under review, imports showed a significant contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year. As a result, imports reached the peak of $452K, and then fell dramatically in the following year.

Import of Cereal Groats and Meal; of Wheat in South Korea (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Italy	152	231	248	35.1	-38.6%
Ukraine	8.2	15.5	20.5	4.4	-18.7%
Turkey	148	14.3	140	2.2	-75.4%
India	0.8	4.8	16.1	2.2	40.1%
Russia	2.1	4.3	6.4	2.0	-1.6%
United States	3.9	14.6	1.2	0.9	-38.7%
Mexico	0.5	1.1	1.8	0.6	6.3%
United Arab Emirates	1.3	9.9	12.7	0.2	-46.4%
Others	6.0	10.0	5.4	1.2	-41.5%
Total	323	306	452	48.9	-46.7%

Top Suppliers of Cereal Groats and Meal; of Wheat to South Korea in 2022:

Italy (30.2 tons)
Ukraine (6.7 tons)
Russia (4.1 tons)
India (3.6 tons)
Turkey (2.1 tons)
United States (1.4 tons)
Mexico (0.8 tons)
United Arab Emirates (0.3 tons)

Exports of Cereal Groats and Meal; of Wheat in South Korea

For the fourth consecutive year, South Korea recorded growth in shipments abroad of cereal groats and meal; of wheats, which increased by 53% to 9.5 tons in 2022. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 398%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of cereal groats and meal; of wheats skyrocketed to $20K in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 689% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.