Eastern Asia: Wheat Market 2024

Wheat Market Size in Eastern Asia

The East Asian wheat market contracted to $X in 2022, waning by -5.1% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Wheat Production in Eastern Asia

In value terms, wheat production dropped sharply to $X in 2022 estimated in export price. Overall, production recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 129% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of wheat production was China (X tons), accounting for 99% of total volume.

In China, wheat production expanded at an average annual rate of +1.1% over the period from 2012-2022.

In 2022, the average wheat yield in Eastern Asia declined to X tons per ha, approximately equating 2021. The yield figure increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 4% against the previous year. Over the period under review, the wheat yield attained the peak level at X tons per ha in 2021, and then fell slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of wheat were harvested in Eastern Asia; therefore, remained relatively stable against 2021 figures. In general, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 2.2%. The level of harvested area peaked at X ha in 2016; however, from 2017 to 2022, the harvested area stood at a somewhat lower figure.

Wheat Exports

Exports in Eastern Asia

Wheat exports soared to X tons in 2022, jumping by 71% compared with 2021 figures. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 9,845%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, wheat exports surged to $X in 2022. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 10,974%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, China (X tons) represented the largest exporter of wheat in Eastern Asia, constituting 99% of total export.

China was also the fastest-growing in terms of the wheat exports, with a CAGR of +252.8% from 2012 to 2022. From 2012 to 2022, the share of China increased by +99 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest wheat supplier in Eastern Asia.

In China, wheat exports increased at an average annual rate of +256.0% over the period from 2012-2022.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, growing by 4.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 42%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +0.9% per year.

Wheat Imports

Imports in Eastern Asia

For the fourth year in a row, Eastern Asia recorded growth in supplies from abroad of wheat, which increased by 2.1% to X tons in 2022. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.2% against 2018 indices. The pace of growth was the most pronounced in 2020 when imports increased by 37%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, wheat imports skyrocketed to $X in 2022. In general, imports saw a noticeable expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 39% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) was the key importer of wheat, committing 47% of total imports. Japan (X tons) took the second position in the ranking, followed by South Korea (X tons) and Taiwan (Chinese) (X tons). All these countries together took near 53% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +10.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest wheat importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising 95% of total imports.

China, with a CAGR of +13.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, jumping by 26% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat import price increased by +45.9% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :