Republic of Korea: Maize Market 2025

Maize Market Size in Republic of Korea

In 2022, the South Korean maize market increased by 25% to $X, rising for the fifth year in a row after three years of decline. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +103.8% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Maize Production in Republic of Korea

In value terms, maize production rose remarkably to $X in 2022 estimated in export price. In general, production, however, showed a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of 58% against the previous year. Maize production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

The average yield of maize in South Korea expanded remarkably to X tons per ha in 2022, with an increase of 7.3% compared with the previous year. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the yield increased by 14% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2021 to 2022, the growth of the average maize 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.

In 2022, the harvested area of maize in South Korea totaled X ha, approximately reflecting the year before. Over the period under review, the harvested area, however, continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2020 when the harvested area increased by 5.3%. Over the period under review, the harvested area dedicated to maize production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Maize Exports

Exports from Republic of Korea

In 2022, overseas shipments of maize increased by 4,743% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 22,612% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize exports surged to $X in 2022. In general, exports showed a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 16,747% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for maize exports from South Korea, accounting for a 99% share of total exports. It was followed by Taiwan (Chinese) (X kg), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +114.3%.

In value terms, Vietnam ($X) remains the key foreign market for maize exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled +87.4%.

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, declining by -69.1% against the previous year. Over the period under review, the export price saw a deep slump. The growth pace was the most rapid in 2020 when the average export price increased by 142% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-10.9%).

Maize Imports

Imports into Republic of Korea

In 2022, approx. X tons of maize were imported into South Korea; approximately mirroring the year before. The total import volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 21% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, maize imports skyrocketed to $X in 2022. Over the period under review, imports saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of maize to South Korea, accounting for a 45% share of total imports. Moreover, maize imports from Argentina exceeded the figures recorded by the second-largest supplier, Brazil (X tons), threefold. The third position in this ranking was held by the United States (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina stood at +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+0.4% per year) and the United States (-6.2% per year).

In value terms, Argentina ($X) constituted the largest supplier of maize to South Korea, comprising 44% of total imports. The second position in the ranking was held by Brazil ($X), with a 16% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Argentina stood at +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+1.8% per year) and the United States (-4.5% per year).

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, rising by 31% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize import price increased by +78.0% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 36%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Romania ($X per ton) and the United States ($X per ton), while the price for Brazil ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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