Petroleum Jelly Price in South Korea - 2022

Contents:

1. Petroleum Jelly Price in South Korea (FOB) - 2022
2. Petroleum Jelly Price in South Korea (CIF) - 2022
3. Petroleum Jelly Exports in South Korea
4. Petroleum Jelly Imports in South Korea

Petroleum Jelly Price in South Korea (FOB) - 2022

The average petroleum jelly export price stood at $2,054 per ton in 2022, picking up by 7.8% against the previous year. In general, the export price, however, saw a mild decrease. The pace of growth was the most pronounced in 2021 an increase of 16% against the previous year. Over the period under review, the average export prices hit record highs at $2,622 per ton in 2014; however, from 2015 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 Taiwan (Chinese) ($2,627 per ton), while the average price for exports to Indonesia ($1,579 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 Egypt (+0.8%), while the prices for the other major destinations experienced a decline.

Petroleum Jelly Price in South Korea (CIF) - 2022

The average petroleum jelly import price stood at $3,008 per ton in 2022, jumping by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($10,779 per ton), while the price for China ($1,947 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Petroleum Jelly Exports in South Korea

In 2022, overseas shipments of petroleum jellies decreased by -24.1% to 2.3K tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. As a result, the exports attained the peak of 3.6K tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum jelly exports dropped markedly to $4.7M in 2022. Overall, exports saw a drastic downturn. The growth pace was the most rapid in 2020 when exports increased by 2.8% against the previous year. As a result, the exports attained the peak of $5.9M. From 2021 to 2022, the growth of the exports remained at a lower figure.

Top Export Markets for Petroleum Jelly from South Korea in 2022:

1. Indonesia (854.5 tons)
2. Vietnam (637.6 tons)
3. Taiwan (Chinese) (270.2 tons)
4. South Africa (92.1 tons)
5. China (89.1 tons)
6. Malaysia (83.6 tons)
7. Egypt (59.3 tons)
8. Saudi Arabia (55.4 tons)
9. Brazil (52.8 tons)
10. Pakistan (40.2 tons)
11. Thailand (39.8 tons)

Petroleum Jelly Imports in South Korea

After three years of growth, supplies from abroad of petroleum jellies decreased by -12.9% to 1.5K tons in 2022. The total import volume increased at an average annual rate of +5.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 23%. As a result, imports reached the peak of 1.7K tons, and then dropped in the following year.

In value terms, petroleum jelly imports expanded sharply to $4.5M in 2022. Overall, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +15.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.9% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 34% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Top Suppliers of Petroleum Jelly to South Korea in 2022:

1. United States (565.2 tons)
2. India (435.4 tons)
3. Netherlands (276.4 tons)
4. Germany (148.5 tons)
5. Malaysia (44.4 tons)

Source: IndexBox Market Intelligence Platform