Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea - 2022

Contents:

1. Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea (CIF) - 2022
2. Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea (FOB) - 2022
3. Imports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea
4. Exports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea

Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea (CIF) - 2022

In December 2022, the average import price for crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses amounted to $13,960 per ton, surging by 60% against the previous month. Overall, the import price continues to indicate a resilient expansion. The growth pace was the most rapid in February 2022 when the average import price increased by 403% against the previous month. As a result, import price reached the peak level of $26,931 per ton. From March 2022 to December 2022, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was China ($20,341 per ton), while the price for Myanmar ($3,390 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 Thailand (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea (FOB) - 2022

In 2022, the average export price for crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses amounted to $7,658 per ton, with a decrease of -7.1% against the previous year. In general, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses increased by +89.5% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49% against the previous year. As a result, the export price attained the peak level of $8,246 per ton, and then dropped in the following year.

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 China ($18,678 per ton), while the average price for exports to Myanmar ($2,047 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 China (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea

For the third consecutive year, South Korea recorded decline in purchases abroad of crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses, which decreased by -6% to 108 tons in 2022. Overall, imports faced a deep contraction.

In value terms, imports of crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses expanded to $1M in 2022. In general, imports continue to indicate a abrupt shrinkage.

Top Suppliers of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers to South Korea in 2022:

1. Vietnam (50.3 tons)
2. Argentina (20.9 tons)
3. Thailand (12.5 tons)
4. China (8.2 tons)
5. India (7.3 tons)
6. Philippines (7.2 tons)

Exports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers in South Korea

For the fourth consecutive year, South Korea recorded growth in overseas shipments of crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses, which increased by 0.1% to 110 tons in 2022. Over the period under review, total exports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +17.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 61% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of crustacean preparations; shrimps and prawns, prepared or preserved, in airtight containerses contracted to $842K in 2022. Overall, exports showed significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 105%.

Top Export Markets for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, in Airtight Containers from South Korea in 2022:

1. Japan (44.5 tons)
2. United States (20.9 tons)
3. Australia (13.0 tons)
4. Myanmar (7.8 tons)
5. Hong Kong SAR (4.0 tons)
6. Taiwan (Chinese) (3.9 tons)
7. Mongolia (2.7 tons)
8. Vietnam (2.5 tons)
9. New Zealand (1.8 tons)
10. Macao SAR (0.8 tons)
11. Canada (0.6 tons)

Source: IndexBox Market Intelligence Platform