Rice market in South Korea

Earlier Report Observations

The South Korean rice market volume generally contracted from 5.6 million tons in 2018 to 5.1 million tons in 2023. Long‑term shifts in dietary habits reduced rice consumption, but the COVID‑19 pandemic moderated this decline temporarily by boosting home‑cooked meals and meal kits, slowing the volume drop to 2% in 2020. A sharp 9% rebound occurred in 2021 when rice production recovered from the historically low 2020 harvest, which had been hampered by unfavorable climate conditions.

After the 2021 recovery, market volume fell again in 2022 and 2023 as production decreased. Throughout the period, the government employed active supply‑management tools, including the release of state rice reserves in 2021 and market isolation of 260 000 t of rice in 2023, to regulate supply and stabilize prices. Policies to promote rice consumption and support the rice‑processing industry were also maintained, aiming to counteract the structural decline in demand.

Production rice in South Korea

In kind, 2017-2020, K t

From 2017 to 2020, South Korea maintained the 16th position globally in terms of rice production volume.

Top producers of rice, 2017-2020

World map of production of rice, 2017-2020

Rice production in South Korea declined for the third consecutive year. In 2020, the country produced 4 713 K t of rice, marking a modest decrease of 6.0% compared to the previous year. Over the period from 2017 to 2020, production fell by 10.8%, with a compound annual growth rate of -3.7%.

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

Exports rice from South Korea

Exports in kind, K t

The data shows irregular changes, indicating a volatile market environment. From 2017 to 2018, exports experienced a peak-to-trough amplitude of 23 times. In 2020, rice exports from South Korea totaled 55.2 K t, representing a controlled improvement of 4.8% compared to 2019. The maximum value was recorded in 2018 at 64.2 K t. The largest decline occurred in 2019, with a drop of 17.9%, while the largest increase was in 2018, with a surge of 2 219.2%.

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

From 2017 to 2020, the leading destinations for South Korea's rice exports in kind were Yemen, accounting for 31.5% of exports, Kenya at 24.6%, and Somalia at 18.3%. Together, these three countries represented 74.4% of total export flows.

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, M $ US

Volatility characterized the market behavior during these years. The lowest exports were observed in 2017, with the highest in 2018, reflecting a 7.8-fold gap. In 2020, South Korea exported 27.4 M $ US of rice, corresponding to a measured increase of 4.4% over the previous year. The maximum value was recorded in 2018 at 43.8 M $ US. The largest decline occurred in 2019, with a drop of 40.1%, while the largest increase was in 2018, with a surge of 676.9%.

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

Throughout 2017 to 2020, Yemen, Vietnam, and Kenya formed the key group of partners for South Korea's rice exports in value terms. Yemen accounted for 19.8% of exports, Vietnam for 16.3%, and Kenya for 15.8%, jointly representing 51.9% of total 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 rice to South Korea

Imports in kind, K t

After a two-year reduction, foreign rice supplies to South Korea increased. In 2020, imports reached 525.8 K t, equivalent to a steep gain of 60.2% from a year earlier. Over the period from 2017 to 2020, imports rose by 16.2%, with a compound annual growth rate of 5.1%. The minimum value was recorded in 2019 at 328.1 K t, which also saw the largest decline of 22.8%.

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

From 2017 to 2020, China, the United States, and Vietnam were the principal sources for South Korea's rice imports in kind. China accounted for 39.3% of imports, the United States for 35.0%, and Vietnam for 19.6%, jointly making up 93.8% of total flows.

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, M $ US

In 2020, imported rice volumes in South Korea amounted to 375.4 M $ US, showing a sharp increase of 36.9% year-over-year. Between 2017 and 2020, imports increased by 25.8%, equating to an 8.0% annualized rate. The minimum value was recorded in 2019 at 274.2 M $ US, which also saw the largest decline of 8.5%.

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

From 2017 to 2020, China and the United States were the dominant suppliers of rice to South Korea in value terms, together accounting for 80.7% of total imports, with other partners playing a less significant role.

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

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