Republic of Korea: Paddy Rice Market 2025

Paddy Rice Market Size in Republic of Korea

In 2021, after two years of growth, there was decline in the South Korean paddy rice market, when its value decreased by -1.2% to $X. Over the period under review, consumption, however, saw a mild shrinkage. Paddy rice consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Paddy Rice Production in Republic of Korea

In value terms, paddy rice production fell to $X in 2021 estimated in export price. In general, production, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2015 when the production volume increased by 21% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

The average yield of paddy rice in South Korea rose to X tons per ha in 2021, surging by 3% compared with the previous year's figure. Overall, the yield recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 6.3% against the previous year. Over the period under review, the average paddy rice yield hit record highs at X tons per ha in 2016; however, from 2017 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of paddy rice production in South Korea stood at X ha, leveling off at the year before. In general, the harvested area, however, recorded a mild descent. Over the period under review, the harvested area dedicated to paddy rice production reached the peak figure at X ha in 2012; however, from 2013 to 2021, the harvested area stood at a somewhat lower figure.

Paddy Rice Exports

Exports from Republic of Korea

In 2021, shipments abroad of paddy rice decreased by -65.2% to X tons, falling for the second year in a row after four years of growth. Over the period under review, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by 442% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, paddy rice exports shrank rapidly to $X in 2021. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 479% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), Mongolia (X tons) and Australia (X tons) were the main destinations of paddy rice exports from South Korea, with a combined 86% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +124.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paddy rice exported from South Korea were Mongolia ($X), Australia ($X) and Canada ($X), with a combined 71% share of total exports.

Australia, with a CAGR of +114.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average paddy rice export price stood at $X per ton in 2021, with an increase of 52% against the previous year. In general, the export price showed a temperate increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Iraq ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+28.0%), while the prices for the other major destinations experienced more modest paces of growth.

Paddy Rice Imports

Imports into Republic of Korea

In 2021, imports of paddy rice into South Korea surged to X tons, rising by 590% on the previous year's figure. In general, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, paddy rice imports soared to $X in 2021. Over the period under review, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Suriname (X tons) constituted the largest supplier of paddy rice to South Korea, accounting for a 83% share of total imports. Moreover, paddy rice imports from Suriname exceeded the figures recorded by the second-largest supplier, Vietnam (X kg), fivefold.

From 2012 to 2021, the average annual growth rate of volume from Suriname was relatively modest.

In value terms, Suriname ($X) constituted the largest supplier of paddy rice to South Korea, comprising 84% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Suriname was relatively modest.

Import Prices by Country

The average paddy rice import price stood at $X per ton in 2021, with an increase of 5.5% against the previous year. Over the period under review, the import price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 244% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Suriname ($X per ton), while the price for Vietnam stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-13.2%).

Source: IndexBox Platform

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