Price for Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea - 2022
Contents:
- Price for Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (CIF) - 2022
- Price for Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (FOB) - 2022
- Imports of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea
- Exports of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea
Price for Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (CIF) - 2022
In December 2022, the average import price for fresh or chilled boneless cuts of bovine meat amounted to $11,863 per ton, standing approximately at the previous month. Over the period under review, the import price recorded a slight descent. The pace of growth appeared the most rapid in February 2022 an increase of 2.5% m-o-m. The import price peaked at $14,564 per ton in March 2022; however, from April 2022 to December 2022, import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In December 2022, the country with the highest price was Australia ($12,333 per ton), while the price for the United States totaled $11,677 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Australia (-0.6%).
Price for Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (FOB) - 2022
The average export price for fresh or chilled boneless cuts of bovine meat stood at $70,947 per ton in December 2022, with an increase of 5.8% against the previous month. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in June 2022 an increase of 15% m-o-m. Over the period under review, the average export prices hit record highs at $82,524 per ton in January 2022; however, from February 2022 to December 2022, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major foreign markets. In December 2022, the country with the highest price was Hong Kong SAR ($71,935 per ton), while the average price for exports to Mongolia amounted to $60,112 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+1.5%).
Imports of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea
In 2022, after three years of growth, there was significant decline in supplies from abroad of fresh or chilled boneless cuts of bovine meat, when their volume decreased by -11.9% to 93K tons. The total import volume increased at an average annual rate of +5.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. As a result, imports reached the peak of 106K tons, and then declined in the following year.
In value terms, imports of fresh or chilled boneless cuts of bovine meat contracted slightly to $1.2B in 2022. Overall, total imports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +15.9% 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 +55.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 42% against the previous year. As a result, imports attained the peak of $1.3B, and then dropped slightly in the following year.
| Import of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 487 | 568 | 839 | 793 | 17.6% |
| Australia | 297 | 328 | 435 | 434 | 13.5% |
| Others | 5.1 | 4.8 | 8.3 | 2.7 | -19.1% |
| Total | 789 | 901 | 1,282 | 1,230 | 16.0% |
Top Suppliers of Fresh or Chilled Boneless Cuts of Bovine Meat to South Korea in 2022:
- United States (60.0K tons)
- Australia (32.9K tons)
Exports of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea
In 2022, the amount of fresh or chilled boneless cuts of bovine meat exported from South Korea skyrocketed to 43 tons, surging by 20% against the previous year. In general, exports, however, saw a mild shrinkage.
In value terms, exports of fresh or chilled boneless cuts of bovine meat reached $3M in 2022. The total export value increased at an average annual rate of +6.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 20%. As a result, the exports reached the peak of $3M; afterwards, it flattened through to 2022.
| Export of Fresh or Chilled Boneless Cuts of Bovine Meat in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 2.5 | 3.0 | 2.8 | 2.8 | 3.8% |
| Mongolia | N/A | N/A | N/A | 0.2 | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 2.5 | 3.0 | 2.8 | 3.0 | 6.3% |
Top Export Markets for Fresh or Chilled Boneless Cuts of Bovine Meat from South Korea in 2022:
- Hong Kong SAR (38.9 tons)
- Mongolia (4.2 tons)
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