Republic of Korea: Market for Wheat and Meslin Flour 2024

Market Size for Wheat and Meslin Flour in Republic of Korea

The South Korean wheat and meslin flour market was estimated at $X in 2022, with an increase of 1.5% against the previous year. Overall, consumption, however, showed a slight slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Wheat and Meslin Flour in Republic of Korea

In value terms, wheat and meslin flour production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 9.4% against the previous year. Wheat and meslin flour production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Wheat and Meslin Flour

Exports from Republic of Korea

In 2022, overseas shipments of wheat and meslin flour decreased by -12.4% to X tons, falling for the second year in a row after nine years of growth. In general, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 33%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, wheat and meslin flour exports rose remarkably to $X in 2022. Overall, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 16%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), the United States (X tons) and Thailand (X tons) were the main destinations of wheat and meslin flour exports from South Korea, with a combined 69% share of total exports. China, Singapore, Indonesia and Malaysia lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +56.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), the United States ($X) and Thailand ($X) constituted the largest markets for wheat and meslin flour exported from South Korea worldwide, with a combined 68% share of total exports. China, Singapore, Indonesia and Malaysia lagged somewhat behind, together accounting for a further 23%.

Among the main countries of destination, Indonesia, with a CAGR of +47.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average wheat and meslin flour export price amounted to $X per ton, with an increase of 31% against the previous year. In general, the export price, however, continues to indicate a mild reduction. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($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 Hong Kong SAR (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wheat and Meslin Flour

Imports into Republic of Korea

In 2022, supplies from abroad of wheat and meslin flour increased by 9.9% to X tons, rising for the second consecutive year after five years of decline. Over the period under review, imports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of 75%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, wheat and meslin flour imports surged to $X in 2022. Overall, imports, however, saw a slight setback. The pace of growth appeared the most rapid in 2015 with an increase of 44%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of wheat and meslin flour to South Korea, with a 31% share of total imports. Moreover, wheat and meslin flour imports from France exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Vietnam (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from France amounted to +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+16.2% per year) and Vietnam (+101.1% per year).

In value terms, the largest wheat and meslin flour suppliers to South Korea were France ($X), Italy ($X) and Turkey ($X), together comprising 52% of total imports. Canada, the United States, Vietnam, Australia, Singapore, India, Russia and Indonesia lagged somewhat behind, together comprising a further 39%.

Vietnam, with a CAGR of +87.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average wheat and meslin flour import price amounted to $X per ton, increasing by 12% against the previous year. Over the period under review, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat and meslin flour import price increased by +89.3% against 2015 indices. The growth pace was the most rapid in 2016 when the average import price increased by 19% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :