Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea - 2022
Contents:
- Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (CIF) - 2022
- Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (FOB) - 2022
- Imports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea
- Exports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea
Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (CIF) - 2022
The average import price for raw cane sugar (without flavoring or coloring matter, other) stood at $490 per ton in 2022, surging by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a mild setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29%. The import price peaked at $572 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Guatemala ($549 per ton) and Australia ($492 per ton), while the price for El Salvador ($481 per ton) and Costa Rica ($484 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (-0.8%), while the prices for the other major suppliers experienced a decline.
Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (FOB) - 2022
In 2022, the average export price for raw cane sugar (without flavoring or coloring matter, other) amounted to $1,306 per ton, shrinking by -1.7% against the previous year. In general, the export price saw a noticeable decrease. The pace of growth was the most pronounced in 2015 an increase of 23%. Over the period under review, the average export prices attained the peak figure at $1,608 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($2,150 per ton), while the average price for exports to Kazakhstan ($1,000 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 (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea
In 2022, approx. 1.8M tons of raw cane sugar (without flavoring or coloring matter, other) were imported into South Korea; standing approx. at the previous year's figure. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 3.7% against the previous year. As a result, imports attained the peak of 1.8M tons, leveling off in the following year.
In value terms, imports of raw cane sugar (without flavoring or coloring matter, other) expanded sharply to $900M in 2022. In general, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +16.1% 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 +56.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 34%. Imports peaked in 2022 and are likely to see gradual growth in years to come.
| Import of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Australia | 358 | 312 | 450 | 458 | 8.6% |
| Thailand | 198 | 65.7 | 103 | 320 | 17.4% |
| Nicaragua | N/A | 60.0 | 38.5 | 62.3 | 1.9% |
| El Salvador | 14.7 | 39.3 | 65.8 | 24.5 | 18.6% |
| Costa Rica | N/A | 38.0 | 29.8 | 16.9 | -33.3% |
| South Africa | N/A | 40.8 | 11.6 | N/A | -71.6% |
| Others | 5.0 | 35.0 | 94.0 | 18.0 | 53.3% |
| Total | 575 | 590 | 793 | 900 | 16.1% |
Top Suppliers of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) to South Korea in 2022:
- Australia (931.9K tons)
- Thailand (655.9K tons)
- Nicaragua (128.8K tons)
- El Salvador (51.0K tons)
- Costa Rica (35.0K tons)
Exports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea
In 2022, after two years of decline, there was significant growth in overseas shipments of raw cane sugar (without flavoring or coloring matter, other), when their volume increased by 16% to 145 tons. Over the period under review, exports, however, showed a abrupt slump.
In value terms, exports of raw cane sugar (without flavoring or coloring matter, other) amounted to $189K in 2022. Overall, exports, however, recorded a abrupt slump.
| Export of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 42.7 | 110 | 92.1 | 114 | 38.7% |
| Russia | 3.8 | 23.2 | 30.6 | 29.1 | 97.1% |
| United States | 14.3 | 29.8 | 18.4 | 19.3 | 10.5% |
| Bangladesh | N/A | N/A | 0.2 | 9.5 | 4650.0% |
| Kazakhstan | N/A | N/A | N/A | 3.0 | 0% |
| China | 48.5 | N/A | N/A | N/A | 0% |
| Vietnam | 190 | 60.2 | N/A | N/A | -68.3% |
| Others | 14.3 | 17.0 | 24.2 | 13.7 | -1.4% |
| Total | 314 | 241 | 165 | 189 | -15.6% |
Top Export Markets for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) from South Korea in 2022:
- Hong Kong SAR (96.6 tons)
- Russia (22.8 tons)
- Bangladesh (9.1 tons)
- United States (9.0 tons)
- Kazakhstan (3.0 tons)
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