Price for Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea - 2022

Contents:

1. Price for Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea (CIF) - 2022
2. Price for Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea (FOB) - 2022
3. Imports of Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea
4. Exports of Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea

Price for Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea (CIF) - 2022

In December 2022, the average import price for cheese, other than blue-veined, grated, powdered or processed amounted to $6,276 per ton, growing by 2% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.8%. The pace of growth appeared the most rapid in August 2022 when the average import price increased by 6.1% m-o-m. The import price peaked in December 2022.

Prices varied noticeably by the country of origin: the country with the highest price was Italy ($12,852 per ton), while the price for Chile ($5,180 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 Poland (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea (FOB) - 2022

The average export price for cheese, other than blue-veined, grated, powdered or processed stood at $10,242 per ton in 2022, jumping by 19% against the previous year. Over the period under review, the export price recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 89% against the previous year. Over the period under review, the average export prices hit record highs at $12,688 per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($14,671 per ton), while the average price for exports to Japan ($6,051 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 the United States (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea

For the fourth consecutive year, South Korea recorded growth in overseas purchases of cheese, other than blue-veined, grated, powdered or processed, which increased by 4.1% to 39K tons in 2022. The total import volume increased at an average annual rate of +11.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 16%. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, imports of cheese, other than blue-veined, grated, powdered or processed soared to $214M in 2022. Over the period under review, total imports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +18.8% 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 +67.6% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Top Suppliers of Cheese, Other than Blue-Veined, Grated, Powdered or Processed to South Korea in 2022:

1. New Zealand (16.3K tons)
2. United States (10.1K tons)
3. Netherlands (3.7K tons)
4. Australia (2.1K tons)
5. Poland (1.8K tons)
6. Chile (1.7K tons)
7. Germany (1.2K tons)

Exports of Cheese, Other than Blue-Veined, Grated, Powdered or Processed in South Korea

After three years of growth, overseas shipments of cheese, other than blue-veined, grated, powdered or processed decreased by -4.2% to 165 tons in 2022. Overall, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2021 with an increase of 115% against the previous year. As a result, the exports reached the peak of 173 tons, and then dropped in the following year.

In value terms, exports of cheese, other than blue-veined, grated, powdered or processed rose significantly to $1.7M in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 117%. The exports peaked in 2022 and are expected to retain growth in years to come.

Top Export Markets for Cheese, Other than Blue-Veined, Grated, Powdered or Processed from South Korea in 2022:

1. Vietnam (64.1 tons)
2. China (52.0 tons)
3. Japan (29.9 tons)
4. United States (7.1 tons)
5. Philippines (5.1 tons)
6. Hong Kong SAR (4.6 tons)
7. Taiwan (Chinese) (0.1 tons)

Source: IndexBox Market Intelligence Platform