Republic of Korea: Rice Market 2024

Rice Market Size in Republic of Korea

The South Korean rice market fell slightly to $X in 2022, declining by X% against the previous year. In general, consumption continues to indicate a pronounced setback. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Rice Production in Republic of Korea

In value terms, rice production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a deep contraction. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

In 2022, the average yield of rice in South Korea contracted to X tons per ha, which is down by X% compared with the year before. In general, the yield, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the average rice yield reached the peak level at X tons per ha in 2016; however, from 2017 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The rice harvested area in South Korea contracted modestly to X ha in 2022, therefore, remained relatively stable against the year before. Over the period under review, the harvested area saw a slight downturn. The most prominent rate of growth was recorded in 2021 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to rice production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

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Rice Exports

Exports from Republic of Korea

Rice exports from South Korea rose to X tons in 2022, with an increase of X% against the previous year. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rice exports contracted dramatically to $X in 2022. Over the period under review, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Yemen (X tons), Ethiopia (X tons) and Kenya (X tons) were the main destinations of rice exports from South Korea, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kenya (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rice exported from South Korea were the United States ($X), Yemen ($X) and Ethiopia ($X), with a combined X% share of total exports. Kenya and Uganda lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Kenya, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average rice export price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The growth pace was the most rapid in 2013 an increase of X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Yemen ($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 the United States (X%), while the prices for the other major destinations experienced a decline.

Rice Imports

Imports into Republic of Korea

In 2022, imports of rice into South Korea was estimated at X tons, flattening at the previous year. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume 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, imports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rice imports expanded markedly to $X in 2022. In general, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest rice supplier to South Korea, with a X% share of total imports. Moreover, rice imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Vietnam (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Vietnam (X% per year).

In value terms, China ($X), the United States ($X) and Vietnam ($X) appeared to be the largest rice suppliers to South Korea, together accounting for X% of total imports. Australia and Thailand lagged somewhat behind, together accounting for a further X%.

Australia, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average rice import price amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Thailand ($X 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 States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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