Republic of Korea: Dry Bean Market 2024

Dry Bean Market Size in Republic of Korea

The South Korean dry bean market rose slightly to $X in 2023, growing by X% against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Dry Bean Production in Republic of Korea

In value terms, dry bean production stood at $X in 2023 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2023, production growth failed to regain momentum.

In 2023, the average dry bean yield in South Korea amounted to X tons per ha, approximately reflecting the year before. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The dry bean yield peaked at X tons per ha in 2021; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the harvested area of beans (dry) in South Korea was estimated at X ha, standing approx. at the previous year. Overall, the harvested area, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X% against the previous year. The dry bean harvested area peaked at X ha in 2014; however, from 2015 to 2023, the harvested area stood at a somewhat lower figure.

Dry Bean Exports

Exports from Republic of Korea

In 2023, the amount of beans (dry) exported from South Korea contracted dramatically to X tons, with a decrease of X% against the year before. Over the period under review, exports, however, saw noticeable growth. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, dry bean exports fell rapidly to $X in 2023. Overall, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then plummeted in the following year.

Exports by Country

Nigeria (X tons) was the main destination for dry bean exports from South Korea, accounting for a X% share of total exports. Moreover, dry bean exports to Nigeria exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The third position in this ranking was taken by Canada (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Nigeria amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Canada (X% per year).

In value terms, Nigeria ($X) remains the key foreign market for beans (dry) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Nigeria totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Canada (X% per year).

Export Prices by Country

In 2023, the average dry bean export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Dry Bean Imports

Imports into Republic of Korea

Dry bean imports into South Korea rose rapidly to X tons in 2023, growing by X% on 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, dry bean imports rose slightly to $X in 2023. In general, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of dry bean to South Korea, with a X% share of total imports. Moreover, dry bean imports from China exceeded the figures recorded by the second-largest supplier, Peru (X tons), fourfold. The third position in this ranking was held by Myanmar (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (X% per year) and Myanmar (X% per year).

In value terms, China ($X) constituted the largest supplier of beans (dry) to South Korea, comprising X% of total imports. The second position in the ranking was held by Peru ($X), with an X% share of total imports. It was followed by Myanmar, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (X% per year) and Myanmar (X% per year).

Import Prices by Country

In 2023, the average dry bean import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked at $X per ton in 2022, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform