Wheat Market in South Korea
In value terms, wheat production surged to $ in estimated in export price. Overall, production showed a noticeable downturn. The most prominent rate of growth was recorded in 2010 when the production volume increased by %. As a result, production reached the peak level of $. From 2011 to , production growth remained at a lower figure.
The average yield of wheat in South Korea rose sharply to tons per ha in , picking up by % against figures. Over the period under review, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the yield increased by % against the previous year. Over the period under review, the average wheat yield reached the peak level at tons per ha in 2008; however, from 2009 to , the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In , the wheat harvested area in South Korea declined to ha, falling by -% on . In general, the harvested area, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2010 when the harvested area increased by % against the previous year. Over the period under review, the harvested area dedicated to wheat production reached the maximum at ha in 2011; however, from 2012 to , the harvested area remained at a lower figure.
The revenue of the wheat market in South Korea skyrocketed to $ in , rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a measured increase from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Wheat consumption peaked at $ in 2012; however, from 2013 to , consumption failed to regain momentum.