Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea - 2022
Contents:
- Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (CIF) - 2022
- Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (FOB) - 2022
- Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea
- Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea
Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (CIF) - 2022
In December 2022, the average import price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $11,510 per ton, which is down by -7.4% against the previous month. Overall, the import price recorded a pronounced downturn. The most prominent rate of growth was recorded in February 2022 an increase of 6.9% m-o-m. The import price peaked at $15,201 per ton in December 2021; however, from January 2022 to December 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was the United States ($13,441 per ton), while the price for Australia amounted to $8,497 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Australia (-1.4%).
Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (FOB) - 2022
The average export price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $30,662 per ton in 2022, falling by -12.3% against the previous year. Overall, the export price saw a abrupt curtailment. The pace of growth was the most pronounced in 2019 when the average export price increased by 105% against the previous year. Over the period under review, the average export prices reached the maximum at $110,000 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.
From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to -12.3% per year.
Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea
In 2022, supplies from abroad of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat decreased by -13.3% to 10K tons for the first time since 2018, thus ending a three-year rising trend. In general, total imports indicated a strong increase from 2019 to 2022: its volume increased at an average annual rate of +7.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 42%. As a result, imports reached the peak of 12K tons, and then fell in the following year.
In value terms, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat dropped slightly to $142M in 2022. Overall, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 83% against the previous year. As a result, imports attained the peak of $143M, leveling off in the following year.
| Import of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 52.3 | 53.9 | 109 | 105 | 26.2% |
| Australia | 26.5 | 24.1 | 33.6 | 36.4 | 11.2% |
| Others | 0.1 | 0.1 | 0.4 | 0.4 | 58.7% |
| Total | 78.9 | 78.0 | 143 | 142 | 21.6% |
Top Suppliers of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to South Korea in 2022:
- United States (7.0K tons)
- Australia (3.4K tons)
Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea
In 2022, overseas shipments of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat decreased by -39.1% to 414 kg for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 95%.
In value terms, exports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat shrank remarkably to $13K in 2022. Over the period under review, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 182% against the previous year.
| Export of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 6.1 | 16.2 | 23.8 | 12.7 | 27.7% |
| Others | N/A | 1.0 | N/A | N/A | 0% |
| Total | 6.1 | 17.2 | 23.8 | 12.7 | 27.7% |
Top Export Markets for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from South Korea in 2022:
- Hong Kong SAR (414.0 kg)
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