Rapeseed market in South Korea

Earlier Report Observations

The rapeseed market in South Korea began the period at 6 599 т in 2018 but then contracted sharply to 4 483 т in 2019 and further to 3 246 т in 2020. This decline coincided with a reported 13.1% drop in the output of eco-friendly agricultural products in 2018, which likely reduced demand for rapeseed as a raw material in this segment. The eco-friendly agricultural market itself shrank by 7.2% that year, contributing to lower import volumes.

A partial recovery followed in 2021, with the market volume rising to 4 212 т, and it remained nearly stable at 4 208 т in 2022. By 2023, however, the market size decreased again to 3 919 т. Domestic production of rapeseed held steady at 1 000 т throughout these years, meaning all fluctuations were driven by changes in imports.

Preliminary data for 2024 shows a continued downward trend in imports, which fell to 1 647 т. This aligns with broader challenges such as high interest rates, weak international trade, and escalating global conflicts that have negatively affected the food and agriculture sector. At the same time, rising demand for rapeseed oil in biodiesel production, with the USDA noting a 20% increase in rapeseed use for biodiesel, represents a growing market segment that could influence future supply dynamics.

Production rapeseed in South Korea

In kind, 2017-2020, t

Top producers of rapeseed, 2017-2020

World map of production of rapeseed, 2017-2020

South Korea's rapeseed production remained stable in 2020, with output of 1 000 tonnes showing no significant change compared to 2019. The largest decline occurred in 2018, at 0.0%, while the largest increase was also recorded in 2018, at 0.0%.

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

Exports rapeseed from South Korea

Exports in kind, t

The market exhibited volatility during the observed period. Exports reached their lowest point in 2018 at 4 tonnes, then surged to 5 tonnes in 2019, marking a sharp increase of 41.6% from the previous year. The largest decline was recorded in 2018 at 46.2%, and the peak-to-trough amplitude from 2017 to 2018 was 1.9 times.

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

From 2017 to 2020, South Korea's rapeseed exports were primarily directed to Mongolia, which accounted for 99.0% of total exports in volume terms.

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

South Korea's rapeseed exports in value terms grew for the second consecutive year. In 2019, exports amounted to 53 thousand US dollars, representing a significant rise of 62.8% compared to 2018. Between 2017 and 2019, exports increased by 1 440.7%, equivalent to an annualized rate of 148.8%.

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

Throughout 2017–2020, Mongolia was the dominant partner for South Korea's rapeseed exports in value terms, making up 92.5% of total export flows.

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 rapeseed to South Korea

Imports in kind, t

South Korea's rapeseed imports declined for the second consecutive year. In 2020, imports totaled 2 246 tonnes, a decrease of 35.6% from 2019. The highest import volume was recorded in 2018 at 5 603 tonnes, with the largest increase of 38.9% also occurring in 2018. The largest decline was in 2019 at 37.7%. Overall, from 2017 to 2020, imports fell by 44.3%, equating to an annualized decline of 17.7%.

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

Between 2017 and 2020, Australia was the primary source for South Korea's rapeseed imports in volume terms, accounting for 95.9% of total 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 rapeseed imports in value terms decreased for the second year in a row. In 2020, import value stood at 1 315 thousand US dollars, a sharp drop of 38.1% from the previous year. The peak value was recorded in 2018 at 2 977 thousand US dollars, with the largest increase of 30.6% also in 2018. From 2017 to 2020, imports declined by 42.3%, corresponding to an annualized rate of decrease of 16.8%.

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

From 2017 to 2020, Australia was the leading destination for South Korea's rapeseed imports in value terms, representing 90.3% of total import flows.

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

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