Fast Market Research recommends "South Korea Agribusiness Report Q2 2013" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 05/04/2013 --We hold a generally positive long-term outlook on South Korea's agricultural sector. Despite expectations for the country to increase imports of raw agriculture products such as grains and meat, exports are also expected to grow, riding on strong demand, especially from South East Asian nations. In the first 10 months of 2012, farm exports grew 7.8% year-on-year to US$670mn, with the largest growth coming from South East Asian countries. The strong support from the government in terms of increasing networks and sales promotions in countries that receive South Korean imports will reinforce the inroads that South Korean agriculture exports and foodstuff will have in the region over the foreseeable future.

View Full Report Details and Table of Contents

Key Forecasts

- Corn consumption growth to 2017: 15.5% to 9.0mn tonnes. This is largely driven by the rising use of feed wheat in compound feed.
- Rice production growth to 2016/17: -13.2% to 3.7mn tonnes. Given the significant decline in production, an adjacent decline in consumption and only moderate stocks mean the country is unlikely to remain self-sufficient over the long term.
- Beef production growth to 2016/17: 9.9% to 367,000 tonnes. This growth will be dependent on the ability of the authorities to get foot-and-mouth disease under control. Even with the beef output increase, the country will remain reliant on imports to meet demand. Indeed, base effects are the key reason for the growth rate.
- BMI universe agribusiness market value: US$42.2bn in 2013 (down from US$42.6bn in 2012; forecast to decline annually by 3.5% on average to 2017)
- 2013 real GDP growth: 1.9% year-on-year (y-o-y) (up from 1.9% in 2012; predicted to average 3.8% from 2012 until 2017).
- 2013 consumer price index: 2.3% y-o-y (up from 2.2% in 2012; predicted to average 2.8% to 2017)
- 2013 central bank policy rate: 2.75% (same as in 2012; predicted to average 3.3% from 2012 until 2017).

Key Revisions To Forecasts

- 2012/13 rice production forecast lowered, to 4.0mn tonnes (compared with a previous forecast of 4.3mn tonnes). This is on the back of a fall in area harvested, from 854,000 hectares (ha) to 849,000ha.
- 2012/13 wheat output forecast lowered, to 32,000 tonnes (compared with a previous forecast of 45,000 tonnes). This is also due to a fall in area harvested, from 13,000ha to 9,000ha.

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Food research reports at Fast Market Research

You may also be interested in these related reports:

- South Africa Agribusiness Report Q2 2013
- Thailand Agribusiness Report Q2 2013
- Philippines Agribusiness Report Q2 2013
- Italy Agribusiness Report Q2 2013
- India Agribusiness Report Q2 2013
- Indonesia Agribusiness Report Q3 2013
- China Agribusiness Report Q2 2013
- France Agribusiness Report Q3 2013
- Russia Agribusiness Report Q2 2013
- Romania Agribusiness Report Q2 2013