Price for Food Preparations Not Elsewhere Specified or Included in South Korea - 2022
Contents:
- Price for Food Preparations Not Elsewhere Specified or Included in South Korea (CIF) - 2022
- Price for Food Preparations Not Elsewhere Specified or Included in South Korea (FOB) - 2022
- Imports of Food Preparations Not Elsewhere Specified or Included in South Korea
- Exports of Food Preparations Not Elsewhere Specified or Included in South Korea
Price for Food Preparations Not Elsewhere Specified or Included in South Korea (CIF) - 2022
In December 2022, the average import price for food preparations not elsewhere specified or included amounted to $12,556 per ton, with a decrease of -13.5% against the previous month. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in March 2022 when the average import price increased by 8.9% against the previous month. The import price peaked at $15,017 per ton in June 2022; however, from July 2022 to December 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($43,155 per ton), while the price for Vietnam ($1,905 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Food Preparations Not Elsewhere Specified or Included in South Korea (FOB) - 2022
The average export price for food preparations not elsewhere specified or included stood at $4,262 per ton in December 2022, growing by 14% against the previous month. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major foreign markets. In December 2022, the country with the highest price was China ($21,399 per ton), while the average price for exports to Japan ($1,095 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Food Preparations Not Elsewhere Specified or Included in South Korea
In 2022, imports of food preparations not elsewhere specified or included into South Korea amounted to 166K tons, rising by 4.5% on 2021 figures. The total import volume increased at an average annual rate of +5.5% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when imports increased by 12%. Imports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, imports of food preparations not elsewhere specified or included rose markedly to $2.3B in 2022. The total import value increased at an average annual rate of +10.1% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in years to come.
| Import of Food Preparations Not Elsewhere Specified or Included in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 1,020 | 1,112 | 1,246 | 1,197 | 5.5% |
| Germany | 73.9 | 125 | 172 | 287 | 57.2% |
| New Zealand | 113 | 98.6 | 103 | 121 | 2.3% |
| China | 54.6 | 66.5 | 88.0 | 119 | 29.7% |
| Australia | 59.9 | 71.4 | 73.4 | 69.3 | 5.0% |
| Singapore | 46.3 | 49.3 | 55.4 | 60.6 | 9.4% |
| Taiwan (Chinese) | 44.8 | 45.9 | 48.1 | 52.6 | 5.5% |
| Japan | 50.5 | 43.3 | 49.2 | 45.9 | -3.1% |
| Thailand | 27.5 | 28.9 | 35.3 | 39.5 | 12.8% |
| Malaysia | 17.5 | 18.2 | 28.7 | 38.9 | 30.5% |
| Netherlands | 32.2 | 29.4 | 25.7 | 27.5 | -5.1% |
| France | 18.6 | 17.8 | 22.7 | 25.1 | 10.5% |
| Vietnam | 5.5 | 6.8 | 7.6 | 9.7 | 20.8% |
| Others | 194 | 248 | 277 | 256 | 9.7% |
| Total | 1,758 | 1,960 | 2,233 | 2,350 | 10.2% |
Top Suppliers of Food Preparations Not Elsewhere Specified or Included to South Korea in 2022:
- United States (27.8K tons)
- China (22.3K tons)
- Thailand (20.5K tons)
- New Zealand (15.4K tons)
- Malaysia (11.5K tons)
- Germany (9.6K tons)
- Taiwan (Chinese) (8.9K tons)
- Vietnam (6.2K tons)
- Japan (5.4K tons)
- Singapore (4.4K tons)
- Netherlands (4.4K tons)
- France (4.3K tons)
- Australia (3.6K tons)
Exports of Food Preparations Not Elsewhere Specified or Included in South Korea
In 2022, approx. 191K tons of food preparations not elsewhere specified or included were exported from South Korea; with a decrease of -4.9% compared with the year before. Over the period under review, exports recorded a pronounced decline. The pace of growth appeared the most rapid in 2021 with an increase of 9.4% against the previous year.
In value terms, exports of food preparations not elsewhere specified or included reached $744M in 2022. Overall, exports saw a slight setback. The growth pace was the most rapid in 2021 with an increase of 23% against the previous year.
| Export of Food Preparations Not Elsewhere Specified or Included in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 117 | 107 | 139 | 154 | 9.6% |
| Japan | 159 | 107 | 119 | 99.7 | -14.4% |
| Vietnam | 47.5 | 52.4 | 72.4 | 96.0 | 26.4% |
| United States | 119 | 56.1 | 64.4 | 72.3 | -15.3% |
| Indonesia | 46.4 | 43.8 | 64.4 | 63.2 | 10.8% |
| Taiwan (Chinese) | 46.1 | 34.4 | 38.1 | 39.4 | -5.1% |
| Russia | 30.8 | 22.6 | 30.9 | 33.3 | 2.6% |
| Hong Kong SAR | 35.5 | 31.3 | 42.2 | 32.7 | -2.7% |
| Malaysia | 15.8 | 19.5 | 41.7 | 25.6 | 17.5% |
| Philippines | 19.8 | 17.6 | 16.8 | 17.3 | -4.4% |
| Kazakhstan | 9.1 | 6.7 | 6.3 | 7.6 | -5.8% |
| Others | 136 | 100 | 103 | 103 | -8.8% |
| Total | 782 | 599 | 739 | 744 | -1.6% |
Top Export Markets for Food Preparations Not Elsewhere Specified or Included from South Korea in 2022:
- Japan (92.8K tons)
- Indonesia (19.6K tons)
- Vietnam (11.6K tons)
- Russia (11.4K tons)
- Taiwan (Chinese) (10.2K tons)
- United States (8.4K tons)
- China (8.3K tons)
- Philippines (4.5K tons)
- Malaysia (3.9K tons)
- Hong Kong SAR (3.0K tons)
- Kazakhstan (2.6K tons)
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