Republic of Korea: Milled Rice Market 2020

Milled Rice Market Size in Republic of Korea

The revenue of the milled rice market in South Korea amounted to $X in 2018, stabilizing at the previous year. Overall, milled rice consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2008 with an increase of X% against the previous year. In that year, the milled rice market reached its peak level of $X. From 2009 to 2018, the growth of the milled rice market remained at a somewhat lower figure.

Milled Rice Production in Republic of Korea

In value terms, milled rice production stood at $X in 2018 estimated in export prices. Overall, milled rice production continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2010 when production volume increased by X% y-o-y. Over the period under review, milled rice production reached its peak figure level at $X in 2008; however, from 2009 to 2018, production stood at a somewhat lower figure.

In 2018, the average milled rice yield in South Korea totaled X ton per ha, approximately equating the previous year. The yield figure increased at an average annual rate of +X% over the period from 2007 to 2018; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2008 when yield increased by X% y-o-y. Over the period under review, the average milled rice yield attained its maximum level at X ton per ha in 2016; however, from 2017 to 2018, 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.

Milled rice harvested area in South Korea amounted to X ha in 2018, reducing by -X% against the previous year. Over the period under review, the milled rice harvested area continues to indicate a measured decrease. The most prominent rate of growth was recorded in 2012 with a decrease of -X% against the previous year. Over the period under review, the harvested area dedicated to milled rice production attained its maximum at X ha in 2007; however, from 2008 to 2018, harvested area failed to regain its momentum.

Milled Rice Exports

Exports from Republic of Korea

Milled rice exports from South Korea stood at X tons in 2018, going up by X% against the previous year. Over the period under review, milled rice exports continue to indicate a modest expansion. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. In that year, milled rice exports reached their peak of X tons. From 2015 to 2018, the growth of milled rice exports remained at a somewhat lower figure.

In value terms, milled rice exports stood at $X in 2018. Overall, milled rice exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. In that year, milled rice exports attained their peak of $X. From 2015 to 2018, the growth of milled rice exports failed to regain its momentum.

Exports by Country

Australia (X tons) was the main destination for milled rice exports from South Korea, accounting for a X% share of total exports. Moreover, milled rice exports to Australia exceeded the volume sent to the second major destination, Canada (X tons), fourfold. The third position in this ranking was occupied by Singapore (X tons), with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of volume to Australia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and Singapore (+X% per year).

In value terms, Australia ($X) remains the key foreign market for milled rice exports from South Korea, comprising X% of total milled rice exports. The second position in the ranking was occupied by Canada ($X), with a X% share of total exports. It was followed by the U.S., with a X% share.

From 2007 to 2018, the average annual growth rate of value to Australia stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and the U.S. (+X% per year).

Export Prices by Country

In 2018, the average milled rice export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the milled rice export price continues to indicate remarkable growth. The most prominent rate of growth was recorded in 2010 an increase of X% against the previous year. In that year, the average export prices for milled rice attained their peak level of $X per ton. From 2011 to 2018, the growth in terms of the average export prices for milled rice remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Russia, while the prices for the other major destinations experienced more modest paces of growth.

Milled Rice Imports

Imports into Republic of Korea

In 2018, the amount of milled rice imported into South Korea amounted to X tons, reducing by -X% against the previous year. Over the period under review, the total imports indicated a remarkable expansion from 2007 to 2018: its volume increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, milled rice imports increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2011 when imports increased by X% y-o-y. Imports peaked at X tons in 2012; however, from 2013 to 2018, imports stood at a somewhat lower figure.

In value terms, milled rice imports totaled $X in 2018. In general, milled rice imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2011 when imports increased by X% y-o-y. Over the period under review, milled rice imports reached their peak figure at $X in 2012; however, from 2013 to 2018, imports stood at a somewhat lower figure.

Imports by Country

The U.S. (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of milled rice imports to South Korea, with a combined X% share of total imports.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main suppliers, was attained by Vietnam, while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest milled rice suppliers to South Korea were China ($X), the U.S. ($X) and Vietnam ($X), with a combined X% share of total imports.

Vietnam experienced the highest growth rate of market size, in terms of the main suppliers over the period under review, while imports for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average milled rice import price stood at $X per ton in 2018, rising by X% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of +X%. The pace of growth was the most pronounced in 2009 an increase of X% y-o-y. In that year, the average import prices for milled rice reached their peak level of $X per ton. From 2010 to 2018, the growth in terms of the average import prices for milled rice failed to regain its momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform