Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea - 2022
Contents:
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (CIF) - 2022
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (FOB) - 2022
- Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea
- Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (CIF) - 2022
The average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground stood at $6,756 per ton in 2022, waning by -14.1% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground increased by +48.9% against 2015 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 40% against the previous year. The import price peaked at $7,867 per ton in 2021, and then contracted in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($72,929 per ton), while the price for China ($2,598 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (FOB) - 2022
In 2022, the average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $11,634 per ton, rising by 78% against the previous year. In general, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2019 an increase of 111%. The export price peaked at $17,265 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($21,452 per ton), while the average price for exports to Vietnam ($2,836 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea
In 2022, approx. 252 tons of spices; cinnamon and cinnamon-tree flowers, crushed or ground were imported into South Korea; with an increase of 12% on the previous year's figure. The total import volume increased at an average annual rate of +2.7% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground reduced modestly to $1.7M in 2022. The total import value increased at an average annual rate of +2.8% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 26%. As a result, imports attained the peak of $1.8M, and then shrank modestly in the following year.
| Import of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 909 | 813 | 945 | 1,014 | 3.7% |
| United States | 346 | 264 | 343 | 299 | -4.7% |
| China | 0.3 | 38.2 | 76.1 | 133 | 662.5% |
| Sri Lanka | 58.1 | 56.6 | 182 | 111 | 24.1% |
| Indonesia | 98.9 | 139 | 141 | 60.9 | -14.9% |
| Others | 152 | 91.2 | 85.7 | 83.3 | -18.2% |
| Total | 1,564 | 1,402 | 1,774 | 1,700 | 2.8% |
Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to South Korea in 2022:
- Vietnam (178.9 tons)
- China (51.0 tons)
- Sri Lanka (6.5 tons)
- Indonesia (4.3 tons)
- United States (4.1 tons)
Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea
In 2022, approx. 1.5 tons of spices; cinnamon and cinnamon-tree flowers, crushed or ground were exported from South Korea; with a decrease of -86% against 2021 figures. In general, exports recorded a dramatic descent. The pace of growth appeared the most rapid in 2021 with an increase of 1,097%. As a result, the exports attained the peak of 11 tons, and then declined significantly in the following year.
In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground dropped rapidly to $18K in 2022. Over the period under review, exports recorded a precipitous contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 352% against the previous year.
| Export of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 118 | 11.6 | 18.5 | 7.8 | -59.6% |
| Australia | 0.1 | 0.1 | 1.1 | 4.3 | 250.3% |
| Russia | N/A | N/A | 3.6 | 4.0 | 11.1% |
| Vietnam | 0.9 | 0.9 | 23.8 | 0.8 | -3.9% |
| Japan | N/A | N/A | 5.1 | 0.4 | -92.2% |
| China | 6.9 | N/A | N/A | N/A | 0% |
| Others | 0.9 | 3.2 | 19.4 | 0.5 | -17.8% |
| Total | 127 | 15.8 | 71.3 | 17.9 | -48.0% |
Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from South Korea in 2022:
- Russia (500.0 kg)
- United States (365.0 kg)
- Australia (298.0 kg)
- Vietnam (280.0 kg)
- Japan (50.0 kg)
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This report provides an in-depth analysis of the cinnamon market in Republic of Korea.
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This report provides an in-depth analysis of the global cinnamon market.
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This report provides an in-depth analysis of the cinnamon market in Republic of Korea.
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This report provides an in-depth analysis of the global cinnamon market.
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Sri Lanka dominates in the global cinnamon trade. In 2014, Sri Lanka exported X thousand tons of сinnamon totaling X million USD, X% under the previous year. Its primary trading partner was Mexico, where it supplied X% of its total сinnamon expor
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The global cinnamon market revenue amounted to $1.1B in 2018, dropping by -9% against the previous year. This figure...
2637
From 2007 to 2016, the global cinnamon market value fluctuated perceptibly. According to IndexBox estimates, a significant increase in 2008 (X% Y-o-Y) was followed by a slight drop in 2009 (X% Y-o-Y). Over the next two years, the market gradually in
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Global cinnamon consumption amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
