Paddy rice market in South Korea

Earlier Report Observations

South Korea's paddy rice production showed considerable volatility between 2018 and 2022. The market volume began at 5.2 million tons in 2018, then fell to 5.0 million tons in 2019 and dropped further to 4.7 million tons in 2020. A sharp recovery occurred in 2021, lifting output back to 5.2 million tons, before it moderated to 5.0 million tons in 2022.

Production declined to 4.9 million tons in 2023. This decrease was directly linked to government intervention designed to tackle rice oversupply and support farm incomes. The implementation of the rice cultivation area adjustment system and the expansion of the strategic crop direct payment scheme provided incentives for farmers to reduce paddy field area, which curtailed overall harvest volumes.

The policy focus on controlling supply continued into 2024. Authorities announced a target to cut cultivation area by 80 000 hectares, raised direct payment ceilings, and introduced measures to limit public stockpiling of certain rice varieties. These steps reinforced a structured effort to align production with declining domestic consumption trends.

Production paddy rice in South Korea

In kind, 2017-2020, K t

From 2017 to 2020, South Korea ranked as the 16th largest producer of paddy rice globally.

Top producers of paddy rice, 2017-2020

World map of production of paddy rice, 2017-2020

Paddy rice production in South Korea declined for the third consecutive year. In 2020, the country produced 4 713 K t of paddy rice, which was 6.0% lower than the previous year. Between 2017 and 2020, production decreased by 10.8%, equating to an annualized decline of 3.7%.

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

Exports paddy rice from South Korea

Exports in kind, kg

After two years of growth, South Korea's paddy rice export volume declined. In 2020, exports totaled 51 915 kg, marking a sharp decrease of 43.6% compared to the previous year. Over the period from 2017 to 2020, exports decreased by 2.6%, with a compound annual growth rate of 0.9%. The highest export volume was recorded in 2019 at 91 989 kg, while the largest increase occurred in 2018 with a rise of 59.7%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, kg

From 2017 to 2020, Mongolia and Australia were the dominant destinations for South Korea's paddy rice exports, jointly accounting for 94.0% of total flows. The remaining volume was distributed among smaller 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

There were noticeable fluctuations in market performance during this period. The highest export value was recorded in 2019 at 163.3 K $ US, while the lowest was in 2017, reflecting a 2.2-fold gap. In 2020, South Korea exported 117.8 K $ US of paddy rice, which represented an abrupt decrease of 27.9% compared to 2019. The largest increase occurred in 2018 with a rise of 73.4%.

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

From 2017 to 2020, Mongolia and Australia were the dominant buyers of paddy rice from South Korea, together accounting for 92.0% of total exports in value terms. Other partners formed a less significant portion of the market.

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 paddy rice to South Korea

Imports in kind, kg

The market exhibited an unstable trend throughout the timeframe. The lowest import volume was recorded in 2017, while the peak occurred in 2018, showing a 288-fold difference between these years. In 2020, South Korea imported 12 kg of paddy rice, corresponding to a reduction of 77.1% year-over-year. The maximum value was recorded in 2018 at 2 525 kg. The largest decline occurred in 2019 with a drop of 98.0%, while the largest increase was in 2018 with a rise of 28,689.7%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, kg

From 2017 to 2020, the market structure was highly concentrated, with Japan alone responsible for 96.6% of total imports in kind.

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

The market exhibited an unstable trend throughout the timeframe. The lowest import value was in 2017, while the maximum was in 2018, reflecting an 11.2-fold variation. In 2020, South Korea's paddy rice imports totaled 0.2 K $ US, which was 70.1% lower compared to the previous year. The maximum value was recorded in 2018 at 1.6 K $ US, with the largest increase occurring that same year at 1,016.2%.

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

From 2017 to 2020, Japan remained the main source for paddy rice imports to South Korea, taking 71.9% of total imports in value terms. The remaining volume was distributed among other countries.

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

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