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2022
Exports $34.2MWorld Rnk 38 / 176
Flag Rnk 552 / 1204
2022
Destination $8.51M Kenya
2021 - 2022
FASTEST GROWING MARKET $8.51MKenya
2022
PRODUCT COMPLEXITY IN Rice-1.95Rnk 998 / 1025
2022
Imports $415MWorld Rnk 23 / 221
Flag Rnk 219 / 1213
2022
Origin $33.8M China
2021 - 2022
FASTEST GROWING ORIGIN $33.8MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $34.2M in Rice, making it the 38th largest exporter of Rice in the world. At the same year, Rice was the 552nd most exported product in South Korea. The main destination of Rice exports from South Korea are: Kenya ($10.8M), Ethiopia ($8.79M), United States ($3.8M), Yemen ($3.55M), and Uganda ($1.14M).

The fastest growing export markets for Rice of South Korea between 2021 and 2022 were Kenya ($8.51M), Ethiopia ($4.11M), and United States ($2.21M).

Imports In 2022, South Korea imported $415M in Rice, becoming the 23rd largest importer of Rice in the world. At the same year, Rice was the 219th most imported product in South Korea. South Korea imports Rice primarily from: China ($210M), United States ($121M), Vietnam ($35.5M), Australia ($24.1M), and Thailand ($23.7M).

The fastest growing import markets in Rice for South Korea between 2021 and 2022 were China ($33.8M), Australia ($17.8M), and Thailand ($7M).

COMPANIES In 2023, leading companies such as Riviana Foods (8) and Wismettac Asian Foods (2) were at the forefront of shipping Rice from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Rice exports accounted up to $1.08M and imports accounted up to $56.6M, resulting in a negative trade balance of $55.5M. Between October 2023 and October 2024 the exports of South Korea's   Rice have decreased by $-1.62M (-60.1%) from $2.7M to $1.08M, while imports increased by $27.3M (92.9%) from $29.3M to $56.6M.

Destinations In October 2024, Rice were exported mostly to United States ($393k), Mongolia ($176k), Australia ($105k), Canada ($92k), and Kazakhstan ($80k), and were imported mostly from United States ($32M), China ($19.4M), Australia ($2.48M), Vietnam ($1.75M), and Thailand ($947k).

Growth In October 2024, the decrease in Rice's year-by-year exports was explained primarily by a decrease in exports to Australia ($-100k or -69.9%), Singapore ($-39k or -78%), and Germany ($-32k or -72.7%). In October 2024, the increase in Rice's year-by-year imports was explained primarily by an increase in imports from United States ($4.43M or 26k%) and Japan ($1k or 100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$-1.62M(-60.1%)
IMPORT GROWTH (October 2023 - October 2024)$27.3M(92.9%)
MAIN DESTINATION (October 2024)United States$393k

This section shows Rice's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Rice over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$34.2M
IMPORTS (2022)$415M
NET TRADE (2022)-$381M

In 2022, South Korea exported $34.2M in Rice. The main destinations of South Korea exports on Rice were Kenya ($10.8M), Ethiopia ($8.79M), United States ($3.8M), Yemen ($3.55M), and Uganda ($1.14M).

In 2022, South Korea imported $415M in Rice, mainly from China ($210M), United States ($121M), Vietnam ($35.5M), Australia ($24.1M), and Thailand ($23.7M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Rice EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Kenya$8.51M (371%)
Ethiopia$4.11M (87.8%)
United States$2.21M (139%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Rice BY South Korea WERE (2021 - 2022):
Yemen-$2.25M (-38.8%)
Laos-$1.81M (-87.8%)
Turkey-$703k (-99.2%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Rice were:
India $11.1B
Thailand $4.29B
Vietnam $3.18B
In 2022, South Korea's main importing competitors in Rice were:
China $2.46B
Philippines $1.63B
Saudi Arabia $1.23B

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Trade Value of Rice by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $2.23M
TOP IMPORT POTENTIALVietnam+ $18M

Rice’s highest export potential is United States. With an export gap of $2.23M.   Rice’s highest import potential is Vietnam with an import gap of $18M.

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