Republic of Korea: Maize Oil Market 2024

Maize Oil Market Size in Republic of Korea

In 2022, the South Korean maize oil market increased by X% to $X, rising for the fifth consecutive year after three years of decline. In general, consumption continues to indicate significant growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Maize Oil Production in Republic of Korea

In value terms, maize oil production amounted to $X in 2022 estimated in export price. In general, production recorded prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Maize Oil Exports

Exports from Republic of Korea

In 2022, overseas shipments of maize oil decreased by X% to X tons, falling for the fifth year in a row after four years of growth. Over the period under review, exports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports dropped rapidly to $X in 2022. In general, exports showed a pronounced descent. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for maize oil exports from South Korea, accounting for a X% share of total exports. Moreover, maize oil exports to Malaysia exceeded the volume sent to the second major destination, Qatar (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (X% per year) and Singapore (X% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for maize oil exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by Qatar, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Qatar (X% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by X% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Qatar ($X 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 Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Republic of Korea

In 2022, the amount of maize oil imported into South Korea declined sharply to X tons, waning by X% against the year before. Overall, imports saw a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, maize oil imports contracted significantly to $X in 2022. Over the period under review, imports, however, posted a modest increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell markedly in the following year.

Imports by Country

Spain (X tons), Japan (X tons) and China (X tons) were the main suppliers of maize oil imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of maize oil to South Korea, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the United States (X% per year).

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the import price recorded a strong increase. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :