From a base value of 4.5 Million Metric Tons in 2023, the forecasted wheat import in South Korea is expected to steadily rise from 2024 onwards. In 2024, imports are projected to increase to 4.55 Million Metric Tons. This growth continues incrementally through 2028, with expected figures of 4.6 Million Metric Tons in 2025, 4.65 Million Metric Tons in 2026, 4.7 Million Metric Tons in 2027, and reaching 4.74 Million Metric Tons by 2028.
Year-on-year variations demonstrate a consistent upward trend:
- 2024 (1.11% increase from 2023)
- 2025 (1.10% increase from 2024)
- 2026 (1.09% increase from 2025)
- 2027 (1.08% increase from 2026)
- 2028 (0.85% increase from 2027)
The Compound Annual Growth Rate (CAGR) for this forecasted period stands at approximately 1.05%, indicating a stable increase in wheat imports over the next five years.
Future trends to watch for include shifts in global wheat prices, changes in South Korean agricultural policy, and potential developments in domestic production capacity, all of which could impact the actual import figures.
