Price for Spices; Mace, Crushed or Ground in South Korea - 2022
Contents:
- Price for Spices; Mace, Crushed or Ground in South Korea (CIF) - 2022
- Imports of Spices; Mace, Crushed or Ground in South Korea
Price for Spices; Mace, Crushed or Ground in South Korea (CIF) - 2022
The average import price for spices; mace, crushed or ground stood at $53,658 per ton in 2022, rising by 20% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 2017 an increase of 44%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($58,394 per ton), while the price for India ($19,701 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.2%), while the prices for the other major suppliers experienced a decline.
Imports of Spices; Mace, Crushed or Ground in South Korea
In 2022, spices; mace, crushed or ground imports into South Korea fell remarkably to 189 kg, with a decrease of -45.2% compared with the previous year's figure. Overall, imports continue to indicate a dramatic contraction. The growth pace was the most rapid in 2021 when imports increased by 229% against the previous year.
In value terms, spices; mace, crushed or ground imports declined markedly to $10K in 2022. Over the period under review, imports recorded a abrupt setback. The growth pace was the most rapid in 2021 when imports increased by 217% against the previous year.
| Import of Spices; Mace, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 13.6 | 3.2 | 7.3 | 8.7 | -13.8% |
| Indonesia | 3.3 | 1.6 | 0.6 | 1.4 | -24.9% |
| Others | 2.1 | 0.1 | 7.6 | 0.1 | -63.8% |
| Total | 19.0 | 4.9 | 15.5 | 10.2 | -18.7% |
Top Suppliers of Spices; Mace, Crushed or Ground to South Korea in 2022:
- Malaysia (150.0 kg)
- Indonesia (39.0 kg)
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This report provides an in-depth analysis of the market for nutmeg, mace and cardamom in Republic of Korea.
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