Price for Meat of Bovine Animals; Frozen in South Korea - 2022

Contents:

1. Price for Meat of Bovine Animals; Frozen in South Korea (CIF) - 2022
2. Price for Meat of Bovine Animals; Frozen in South Korea (FOB) - 2022
3. Imports of Meat of Bovine Animals; Frozen in South Korea
4. Exports of Meat of Bovine Animals; Frozen in South Korea

Price for Meat of Bovine Animals; Frozen in South Korea (CIF) - 2022

In December 2022, the average import price for meat of bovine animals; frozen amounted to $6,944 per ton, which is down by -2.9% against the previous month. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in January 2022 when the average import price increased by 5.3% month-to-month. The import price peaked at $8,301 per ton in August 2022; however, from September 2022 to December 2022, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($7,603 per ton), while the price for Mexico ($4,360 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 Mexico (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Meat of Bovine Animals; Frozen in South Korea (FOB) - 2022

The average export price for meat of bovine animals; frozen stood at $8,047 per ton in 2022, jumping by 25% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 69%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to +2.9% per year.

Imports of Meat of Bovine Animals; Frozen in South Korea

Meat of bovine animals; frozen imports into South Korea reduced slightly to 348K tons in 2022, standing approx. at the year before. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 1.9%.

In value terms, meat of bovine animals; frozen imports reduced to $2B in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 11%. As a result, imports attained the peak of $2.1B, and then dropped in the following year.

Top Suppliers of Meat of Bovine Animals; Frozen to South Korea in 2022:

1. United States (173.3K tons)
2. Australia (136.0K tons)
3. New Zealand (19.7K tons)
4. Canada (9.0K tons)
5. Mexico (7.4K tons)

Exports of Meat of Bovine Animals; Frozen in South Korea

In 2022, approx. 213 tons of meat of bovine animals; frozen were exported from South Korea; surging by 456% on 2021 figures. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2020 with an increase of 713% against the previous year. As a result, the exports attained the peak of 436 tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, meat of bovine animals; frozen exports skyrocketed to $1.7M in 2022. In general, exports showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 767% against the previous year. As a result, the exports attained the peak of $3.2M. From 2021 to 2022, the growth of the exports failed to regain momentum.

Top Export Markets for Meat of Bovine Animals; Frozen from South Korea in 2022:

1. Hong Kong SAR (212.7 tons)

Source: IndexBox Market Intelligence Platform