Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea - 2022

Contents:

1. Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea (CIF) - 2022
2. Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea (FOB) - 2022
3. Imports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea
4. Exports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea

Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea (CIF) - 2022

The average import price for powdered unsweetened milk and cream of fat weight content over 1.5% stood at $5,714 per ton in December 2022, increasing by 8.6% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +2.9%. The most prominent rate of growth was recorded in September 2022 an increase of 22% month-to-month. As a result, import price reached the peak level of $6,215 per ton. From October 2022 to December 2022, the average import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was the Netherlands ($18,378 per ton), while the price for New Zealand ($4,382 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 the Netherlands (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea (FOB) - 2022

In 2022, the average export price for powdered unsweetened milk and cream of fat weight content over 1.5% amounted to $6,159 per ton, increasing by 12% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices reached the peak figure at $10,260 per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($7,748 per ton), while the average price for exports to Vietnam ($734 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 Japan (+100.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea

In 2022, imports of powdered unsweetened milk and cream of fat weight content over 1.5% into South Korea skyrocketed to 14K tons, rising by 51% on the year before. Over the period under review, total imports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +9.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of powdered unsweetened milk and cream of fat weight content over 1.5% surged to $67M in 2022. In general, imports enjoyed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Top Suppliers of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% to South Korea in 2022:

1. New Zealand (4.9K tons)
2. United States (0.5K tons)
3. Netherlands (0.2K tons)
4. Austria (0.1K tons)

Exports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in South Korea

After two years of decline, overseas shipments of powdered unsweetened milk and cream of fat weight content over 1.5% increased by 16% to 23 tons in 2022. Overall, exports, however, recorded a sharp slump.

In value terms, exports of powdered unsweetened milk and cream of fat weight content over 1.5% surged to $140K in 2022. Over the period under review, exports, however, faced a precipitous descent.

Top Export Markets for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% from South Korea in 2022:

1. Thailand (21.1 tons)
2. Singapore (0.4 tons)
3. Hong Kong SAR (0.3 tons)

Source: IndexBox Market Intelligence Platform