Highlights

On November 15, 2016, Statistics Korea (KOSTAT) released its revised 2016 rice production estimate to 4.197 million metric tons (MMT), slightly down from 4.2 MMT, the initial rice production estimate surveyed for early September 2016. This represents 3.0 percent lower output than last year's record crop, reflecting a decline in rice area. Lowered production has also resulted in a 41 percent stocks-to-use ratio in MY 2016/17, the highest in several years.

General Information

Production

On November 15, 2016, Statistics Korea (KOSTAT) released its revised 2016 rice production estimate of 4,196,691 metric tons, representing a minor decrease from the recent update of PSD (KS1638) due to continued favorable weather conditions through harvest completion combined with slightly lower planted area and yield.

Yield

Favorable weather through harvest completion supported rice yield at 5,389 Kg per hectare. Yields were higher than average, but down 0.5 percent from a record yield last year.

Stocks

MY 2016/17 ending stocks (through the end of October 2017) are forecast to increase to 1.8 million tons, representing 41 percent of anticipated consumption. Stocks continue to increase as rice production in the past four years has been greater than demand, which was a result of a continued decline in per capita consumption. MY 2015/16 stocks (at the end of October 2016) are estimated at about 1.7 million tons, or 39 percent of total domestic consumption.

Rice, Milled

Market Begin Year

Korea, Republic of

2014/2015

2015/2016

2016/2017

Nov 2014

Nov 2015

Nov 2016

USDA

Official

New

Post

USDA

Official

New

Post

USDA

Official

New

Post

Area Harvested

816

816

799

799

779

779

Beginning Stocks

899

899

1406

1406

1697

1697

Milled Production

4241

4241

4327

4327

4200

4197

Rough Production

5638

5638

5771

5771

5600

5625

Milling Rate (.9999)

7522

7522

7498

7498

7500

7461

MY Imports

465

465

340

340

410

410

TY Imports

372

372

350

350

410

410

TY Imp. from U.S.

143

143

0

120

0

140

Total Supply

5605

5605

6073

6073

6307

6304

MY Exports

2

2

2

2

2

2

TY Exports

2

2

2

2

2

2

Consumption and residual

4197

4197

4374

4374

4484

4484

Ending Stocks

1406

1406

1697

1697

1821

1818

Total Distribution

5605

5605

6073

6073

6307

6304