Onion Price in South Korea - 2022
Contents:
- Onion Price in South Korea (CIF) - 2022
- Onion Price in South Korea (FOB) - 2022
- Onion Imports in South Korea
- Onion Exports in South Korea
Onion Price in South Korea (CIF) - 2022
In December 2022, the average onion import price amounted to $499 per ton, surging by 8.6% against the previous month. Over the period under review, the import price, however, continues to indicate a slight downturn. The pace of growth appeared the most rapid in April 2022 when the average import price increased by 60% month-to-month. As a result, import price attained the peak level of $794 per ton. From May 2022 to December 2022, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Japan ($758 per ton), while the price for China amounted to $464 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by China (+0.2%).
Onion Price in South Korea (FOB) - 2022
In 2022, the average onion export price amounted to $618 per ton, with an increase of 59% against the previous year. Overall, the export price recorded a strong increase. The pace of growth was the most pronounced in 2015 when the average export price increased by 81% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($1,118 per ton), while the average price for exports to Vietnam ($309 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 Thailand (+20.3%), while the prices for the other major destinations experienced more modest paces of growth.
Onion Imports in South Korea
In 2022, approx. 77K tons of onions (dry) were imported into South Korea; picking up by 90% on 2021. In general, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, onion imports surged to $37M in 2022. Overall, imports posted a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Onion in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 7.2 | 8.8 | 13.1 | 33.8 | 67.4% |
| Japan | N/A | 0.5 | 2.5 | 1.4 | 67.3% |
| United States | N/A | N/A | 1.4 | N/A | 0% |
| Others | 1.5 | 1.9 | 3.2 | 2.1 | 11.9% |
| Total | 8.7 | 11.1 | 20.1 | 37.2 | 62.3% |
Top Suppliers of Onion to South Korea in 2022:
- China (74.3K tons)
- Japan (1.8K tons)
Onion Exports in South Korea
In 2022, shipments abroad of onions (dry) decreased by -57% to 4.3K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports saw a mild decline. The growth pace was the most rapid in 2021 when exports increased by 78% against the previous year. As a result, the exports attained the peak of 9.9K tons, and then dropped remarkably in the following year.
In value terms, onion exports shrank sharply to $2.6M in 2022. Overall, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2021 with an increase of 97% against the previous year. As a result, the exports attained the peak of $3.9M, and then dropped sharply in the following year.
| Export of Onion in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Taiwan (Chinese) | 1,131 | 1,880 | 3,659 | 1,742 | 15.5% |
| Japan | 5.2 | 1.8 | 37.9 | 604 | 387.9% |
| Vietnam | 159 | 0.3 | 25.7 | 137 | -4.8% |
| Russia | 2.5 | 10.2 | 94.4 | 75.4 | 211.3% |
| Others | 214 | 81.2 | 67.4 | 82.5 | -27.2% |
| Total | 1,512 | 1,974 | 3,884 | 2,641 | 20.4% |
Top Export Markets for Onion from South Korea in 2022:
- Taiwan (Chinese) (2603.9 tons)
- Japan (1087.5 tons)
- Vietnam (443.7 tons)
- Russia (67.5 tons)
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