Price for Spices; Mixtures of 2 or More Products of the Same Heading in South Korea - 2022
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (CIF) - 2022
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (FOB) - 2022
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea
Price for Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (CIF) - 2022
The average import price for spices; mixtures of 2 or more products of the same heading stood at $4,803 per ton in December 2022, growing by 127% against the previous month. In general, import price indicated a measured expansion from December 2021 to December 2022: its price increased at an average monthly rate of +3.0% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, import price for spices; mixtures of 2 or more products of the same heading increased by +126.6% against November 2022 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by the country of origin: the country with the highest price was Turkey ($9,113 per ton), while the price for Indonesia ($1,232 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 India (+9.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (FOB) - 2022
In 2022, the average export price for spices; mixtures of 2 or more products of the same heading amounted to $14,784 per ton, rising by 154% against the previous year. Over the period under review, the export price saw a buoyant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($31,191 per ton), while the average price for exports to Bangladesh ($2,052 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 Bangladesh (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea
In 2022, after two years of decline, there was growth in purchases abroad of spices; mixtures of 2 or more products of the same heading, when their volume increased by 2.3% to 877 tons. In general, imports, however, saw a abrupt downturn.
In value terms, imports of spices; mixtures of 2 or more products of the same heading declined sharply to $2.8M in 2022. Overall, imports, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2021 when imports increased by 3.3%.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 829 | 1,003 | 1,265 | 985 | 5.9% |
| Thailand | 1,072 | 833 | 652 | 738 | -11.7% |
| India | 339 | 356 | 412 | 418 | 7.2% |
| Egypt | 87.2 | 63.6 | 60.8 | 97.6 | 3.8% |
| Indonesia | 208 | 72.7 | 56.0 | 42.7 | -41.0% |
| Vietnam | 45.6 | 79.9 | 65.7 | 20.1 | -23.9% |
| Others | 775 | 760 | 762 | 460 | -16.0% |
| Total | 3,355 | 3,168 | 3,274 | 2,762 | -6.3% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to South Korea in 2022:
- Thailand (319.8 tons)
- India (265.2 tons)
- Turkey (192.7 tons)
- Egypt (38.1 tons)
- Vietnam (17.2 tons)
- Indonesia (7.1 tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea
After three years of growth, shipments abroad of spices; mixtures of 2 or more products of the same heading decreased by -79.1% to 5.4 tons in 2022. Overall, exports recorded a deep setback. The most prominent rate of growth was recorded in 2020 when exports increased by 161%.
In value terms, exports of spices; mixtures of 2 or more products of the same heading dropped rapidly to $80K in 2022. In general, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 252%.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | N/A | 4.1 | 34.5 | 44.9 | 230.9% |
| France | N/A | N/A | N/A | 22.5 | 0% |
| Bangladesh | 1.2 | 0.7 | 1.2 | 3.2 | 38.7% |
| Russia | 4.3 | 8.1 | 3.8 | 3.1 | -10.3% |
| Guam | 0.2 | 0.1 | 0.2 | 2.5 | 132.1% |
| Vietnam | 0.3 | 0.8 | 2.0 | 2.4 | 100.0% |
| Canada | N/A | 11.1 | N/A | 0.1 | -90.5% |
| Morocco | N/A | 4.4 | N/A | N/A | 0% |
| United Arab Emirates | 20.0 | 24.1 | 11.2 | N/A | -25.2% |
| Australia | N/A | 43.5 | 95.1 | N/A | 118.6% |
| Others | 2.6 | 3.9 | 2.9 | 1.3 | -20.6% |
| Total | 28.6 | 101 | 151 | 80.0 | 40.9% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from South Korea in 2022:
- United States (2458.0 kg)
- Bangladesh (1571.0 kg)
- France (721.0 kg)
- Russia (300.0 kg)
- Vietnam (159.0 kg)
- Guam (102.0 kg)
- Canada (21.0 kg)
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