Republic of Korea: Rice Market 2025

Rice Market Size in Republic of Korea

In 2021, the South Korean rice market was finally on the rise to reach $X after three years of decline. In general, consumption, however, continues to indicate a deep reduction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Rice Production in Republic of Korea

In value terms, rice production soared to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt shrinkage. Rice production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

In 2021, the average yield of rice in South Korea rose rapidly to X tons per ha, growing by 9.7% against 2020 figures. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The rice yield peaked 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.

The rice harvested area in South Korea reached X ha in 2021, approximately reflecting 2020 figures. In general, the harvested area, however, saw a slight decline. Over the period under review, the harvested area dedicated to rice production reached the peak figure at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Rice Exports

Exports from Republic of Korea

In 2021, shipments abroad of rice decreased by -14.7% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 654%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, rice exports fell sharply to $X in 2021. Over the period under review, exports, however, posted a significant increase. The growth pace was the most rapid in 2014 when exports increased by 697%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ethiopia (X tons) was the main destination for rice exports from South Korea, with a 68% share of total exports. Moreover, rice exports to Ethiopia exceeded the volume sent to the second major destination, Turkey (X tons), more than tenfold. The third position in this ranking was held by the United States (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume to Ethiopia amounted to +507.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+34.9% per year) and the United States (+25.3% per year).

In value terms, Ethiopia ($X) remains the key foreign market for rice exports from South Korea, comprising 55% of total exports. The second position in the ranking was held by the United States ($X), with a 9.6% share of total exports. It was followed by Turkey, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ethiopia stood at +372.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+29.7% per year) and Turkey (+59.5% per year).

Export Prices by Country

In 2021, the average rice export price amounted to $X per ton, approximately reflecting the previous year. In general, the export price continues to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 an increase of 101% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Turkey (+18.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Imports

Imports into Republic of Korea

In 2021, approx. X tons of rice were imported into South Korea; shrinking by -7.8% compared with the previous year's figure. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +27.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 131% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, rice imports totaled $X in 2021. Overall, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +10.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +43.7% against 2019 indices. The pace of growth was the most pronounced in 2013 when imports increased by 148%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Vietnam (X tons) were the main suppliers of rice imports to South Korea, together comprising 85% of total imports. These countries were followed by Thailand, India and Australia, which together accounted for a further 15%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +23.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Vietnam ($X) appeared to be the largest rice suppliers to South Korea, with a combined 90% share of total imports. These countries were followed by Thailand, India and Australia, which together accounted for a further 10%.

India, with a CAGR of +26.6%, 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 rice import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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