Millet market in South Korea

Earlier Report Observations

The millet market in South Korea underwent a significant contraction between 2018 and 2023, with its total volume falling from 15,055 tons to 10,150 tons. This overall decline was interrupted by a temporary recovery in 2020, when the market size reached 14,706 tons, before resuming a downward path.

The reduction in market volume was primarily due to a steady decrease in imports, which dropped from 13,789 tons in 2018 to 9,174 tons in 2023. Domestic production played a minor role, remaining stable at 1,000 tons annually from 2019 onward after a slight initial decrease from 1,289 tons in 2018.

Production millet in South Korea

In kind, 2017-2020, t

Top producers of millet, 2017-2020

World map of production of millet, 2017-2020

South Korea's millet production remained virtually unchanged in 2020, with output holding steady at 1,000 tons compared to the previous year. Looking at the broader period from 2017 to 2020, production decreased by 25.8%, representing a compound annual growth rate of -9.5%. The lowest production level was recorded in 2019 at 1,000 tons, which also saw the largest annual decline of 22.4%.

Annual dynamics of production in South Korea in kind, 2017-2020, t

Exports millet from South Korea

Exports in kind, t

The market exhibited significant volatility during these years. From 2017 to 2019, exports experienced dramatic swings with an 8.7-fold difference between peak and trough levels. In 2020, South Korea's millet exports reached 21 tons, marking a substantial year-over-year increase of 160.3%. The lowest export volume was recorded in 2019 at just 8 tons, which also saw the steepest decline of 67.2%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

Throughout the 2017-2020 period, Japan remained the dominant export destination for millet shipments from South Korea, accounting for 73.6% of total export volume. The remaining exports were distributed across various other markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, K $ US

Following two consecutive years of decline, South Korea's millet exports rebounded in 2020. Export value reached 93 thousand US dollars, representing a 48.8% increase compared to the previous year. However, over the full 2017-2020 period, export value decreased by 22.8%, equivalent to a compound annual decline of 8.3%. The lowest export value was recorded in 2019 at 62 thousand US dollars, while the largest annual decline occurred in 2018 with a 45.5% drop.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

From 2017 to 2020, Japan, the United States, and the United Kingdom were the primary markets for South Korea's millet exports in value terms. Japan accounted for 48.3% of export value, followed by the United States at 29.7%, and the United Kingdom at 4.6%. Together, these three countries represented 82.6% of South Korea's total millet export value during this period.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports millet to South Korea

Imports in kind, t

In 2020, South Korea imported 13,726 tons of millet, representing a 14.0% increase compared to the previous year. The lowest import volume was recorded in 2019 at 12,038 tons, while the highest volume occurred in 2018 at 13,789 tons. The largest annual decline in imports took place in 2019 with a 12.7% decrease.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

During the 2017-2020 period, China dominated South Korea's millet imports by volume, accounting for 77.9% of total import flows. Other countries collectively represented the remaining share of imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, K $ US

South Korea's millet import value reached 10,915 thousand US dollars in 2020, marking a 38.7% year-over-year increase. Over the full 2017-2020 period, import value grew by 35.2%, equivalent to a compound annual growth rate of 10.6%. The lowest import value was recorded in 2019 at 7,872 thousand US dollars, which also saw the largest annual decline of 3.7%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

From 2017 to 2020, China maintained overwhelming dominance in South Korea's millet imports by value, capturing 84.9% of total import flows. Other trading partners held relatively minor shares during this period.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020