Eastern Asia: Rice Market 2024

Rice Market Size in Eastern Asia

In 2023, the East Asian rice market decreased by less than X% to $X, falling for the second year in a row after two years of growth. In general, consumption saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 when the market value increased by X%. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Rice Production in Eastern Asia

In value terms, rice production stood at $X in 2023 estimated in export price. Overall, production, however, saw a deep setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

China (X tons) constituted the country with the largest volume of rice production, comprising approx. X% of total volume. Moreover, rice production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold.

In China, rice production remained relatively stable over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Japan (X% per year) and South Korea (X% per year).

In 2023, the average yield of rice in Eastern Asia was estimated at X tons per ha, remaining stable against the year before. In general, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the yield increased by X%. Over the period under review, the rice yield reached the peak level at X tons per ha in 2021; however, from 2022 to 2023, 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 2023, the total area harvested in terms of rice production in Eastern Asia totaled X ha, almost unchanged from the previous year. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to rice production attained the maximum at X ha in 2014; however, from 2015 to 2023, the harvested area stood at a somewhat lower figure.

Rice Exports

Exports in Eastern Asia

In 2023, the amount of rice exported in Eastern Asia fell notably to X tons, which is down by X% against 2022 figures. Overall, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, rice exports fell modestly to $X in 2023. In general, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of export peaked at $X in 2021; afterwards, it flattened through to 2023.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near X% of total exports in 2023. It was distantly followed by Taiwan (Chinese) (X tons), generating a X% share of total exports. The following exporters - Japan (X tons) and South Korea (X tons) - each reached a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to rice exports from China stood at X%. At the same time, Taiwan (Chinese) (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. China (X p.p.) and Taiwan (Chinese) (X p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest rice supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

In China, rice exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Japan (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, jumping by X% against the previous year. Overall, the export price, however, continues to indicate a pronounced downturn. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced a decline in the export price figures.

Rice Imports

Imports in Eastern Asia

In 2023, after three years of growth, there was significant decline in overseas purchases of rice, when their volume decreased by X% to X tons. In general, imports, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of import peaked at X tons in 2022, and then contracted remarkably in the following year.

In value terms, rice imports reduced remarkably to $X in 2023. Total imports indicated a perceptible increase 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. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2022, and then shrank rapidly in the following year.

Imports by Country

China represented the largest importing country with an import of about X tons, which finished at X% of total imports. Japan (X tons) ranks second in terms of the total imports with a X% share, followed by South Korea (X%) and Hong Kong SAR (X%). Taiwan (Chinese) (X tons) held a minor share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of rice. At the same time, South Korea (X%) and Japan (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Hong Kong SAR (X%) and Taiwan (Chinese) (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of South Korea increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, picking up by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform