Republic of Korea: Grain Market 2024

Grain Market Size in Republic of Korea

In 2022, the South Korean grain market increased by X% to $X, rising for the fifth consecutive year after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Grain Production in Republic of Korea

In value terms, grain production expanded slightly to $X in 2022 estimated in export price. In general, production recorded a slight downturn. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The average yield of cereal grains in South Korea contracted slightly to X tons per ha in 2022, with a decrease of X% compared with the previous year's figure. In general, the yield, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the average grain yield reached the maximum level at X tons per ha in 2015; however, from 2016 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The grain harvested area in South Korea reduced slightly to X ha in 2022, flattening at 2021 figures. Overall, the harvested area showed a slight slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The grain harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Grain Exports

Exports from Republic of Korea

In 2022, overseas shipments of cereal grains increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, grain exports surged to $X in 2022. Over the period under review, exports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for grain exports from South Korea, with a X% share of total exports. Moreover, grain exports to Vietnam exceeded the volume sent to the second major destination, the United States (X tons), tenfold. Russia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Russia (X% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for cereal grains exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Russia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Russia (X% per year).

Export Prices by Country

In 2022, the average grain export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price showed a abrupt decline. The growth pace was the most rapid in 2020 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($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 Japan (X%), while the prices for the other major destinations experienced mixed trend patterns.

Grain Imports

Imports into Republic of Korea

In 2022, purchases abroad of cereal grains increased by X% to X tons, rising for the fifth year in a row after two years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, grain imports surged to $X in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its value 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 increased by X% against 2017 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

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

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

In value terms, Argentina ($X), the United States ($X) and Australia ($X) appeared to be the largest grain suppliers to South Korea, with a combined X% share of total imports.

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

Import Prices by Country

The average grain import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, import price indicated a modest expansion 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, grain import price increased by X% against 2020 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 supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Romania ($X per ton), while the price for Brazil ($X per ton) and India ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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