Republic of Korea: Yams Market 2025

Yams Market Size in Republic of Korea

The South Korean yams market skyrocketed to $X in 2022, rising by 115% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a significant increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Yams Exports

Exports from Republic of Korea

In 2022, the amount of yams exported from South Korea shrank notably to X kg, dropping by -72.4% compared with the previous year. Overall, exports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by 30,083% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, yams exports reduced rapidly to $X in 2022. In general, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 29,829% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg) and Hong Kong SAR (X kg) were the main destinations of yams exports from South Korea.

From 2014 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of 0.0%).

In value terms, the United States ($X) remains the key foreign market for yams exports from South Korea, comprising 68% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 32% share of total exports.

From 2014 to 2022, the average annual growth rate of value to the United States amounted to -23.2%.

Export Prices by Country

The average yams export price stood at $X per ton in 2022, increasing by 25% against the previous year. In general, the export price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 53%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Hong Kong SAR stood at $X per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-0.4%).

Yams Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in purchases abroad of yams, which increased by 116% to X tons in 2022. In general, imports recorded significant growth. The growth pace was the most rapid in 2013 with an increase of 852,800%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, yams imports surged to $X in 2022. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 1,075,967%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Vietnam (X tons) was the main supplier of yams to South Korea, accounting for a 95% share of total imports. Moreover, yams imports from Vietnam exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Vietnam totaled +178.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+30.3% per year) and the United States (-65.6% per year).

In value terms, Vietnam ($X) constituted the largest supplier of yams to South Korea, comprising 96% of total imports. The second position in the ranking was held by the Philippines ($X), with a 3.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Vietnam stood at +185.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+40.6% per year) and the United States (-54.0% per year).

Import Prices by Country

The average yams import price stood at $X per ton in 2022, declining by -7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2013 an increase of 26%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for the Philippines ($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 (+33.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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