Shrimp Price in South Korea - 2022
Contents:
- Shrimp Price in South Korea (CIF) - 2022
- Shrimp Price in South Korea (FOB) - 2022
- Shrimp Imports in South Korea
- Shrimp Exports in South Korea
Shrimp Price in South Korea (CIF) - 2022
The average shrimp import price stood at $8,185 per ton in December 2022, surging by 6.1% against the previous month. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in June 2022 when the average import price increased by 7.1% m-o-m. Over the period under review, average import prices reached the peak figure at $8,964 per ton in July 2022; however, from August 2022 to December 2022, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Thailand ($14,300 per ton), while the price for Ecuador ($6,297 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 (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Shrimp Price in South Korea (FOB) - 2022
The average shrimp export price stood at $4,832 per ton in 2022, with an increase of 9.9% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, shrimp export price increased by +65.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 64%. Over the period under review, the average export prices reached the maximum at $7,085 per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($12,182 per ton), while the average price for exports to China ($1,638 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 Singapore (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.
Shrimp Imports in South Korea
Shrimp imports into South Korea was estimated at 106K tons in 2022, rising by 3.1% against the year before. The total import volume increased at an average annual rate of +2.0% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 4.4%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.
In value terms, shrimp imports stood at $749M in 2022. The total import value increased at an average annual rate of +4.1% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 16%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.
| Import of Shrimp in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 351 | 337 | 371 | 369 | 1.7% |
| Thailand | 60.0 | 68.6 | 101 | 100 | 18.6% |
| Ecuador | 67.4 | 52.0 | 74.8 | 74.3 | 3.3% |
| China | 54.4 | 54.4 | 71.5 | 71.1 | 9.3% |
| Malaysia | 47.6 | 37.7 | 40.6 | 41.1 | -4.8% |
| Argentina | 23.7 | 21.0 | 26.1 | 25.9 | 3.0% |
| Peru | 14.8 | 36.8 | 22.1 | 24.1 | 17.6% |
| India | 15.6 | 14.6 | 13.9 | 14.4 | -2.6% |
| Others | 29.2 | 22.2 | 23.9 | 29.3 | 0.1% |
| Total | 664 | 645 | 745 | 749 | 4.1% |
Top Suppliers of Shrimp to South Korea in 2022:
- Vietnam (52.0K tons)
- China (15.2K tons)
- Ecuador (12.3K tons)
- Thailand (8.4K tons)
- Malaysia (4.7K tons)
- Peru (3.8K tons)
- India (2.4K tons)
- Argentina (2.3K tons)
Shrimp Exports in South Korea
In 2022, shrimp exports from South Korea reduced modestly to 2.3K tons, with a decrease of -2.6% on 2021. Overall, total exports indicated mild growth from 2019 to 2022: its volume increased at an average annual rate of +1.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 95% against the previous year. As a result, the exports reached the peak of 2.4K tons, and then contracted in the following year.
In value terms, shrimp exports expanded remarkably to $11M in 2022. In general, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 80% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.
| Export of Shrimp in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 0.8 | 2.2 | 4.0 | 3.8 | 68.1% |
| China | 2.2 | N/A | 2.2 | 2.1 | -1.5% |
| Hong Kong SAR | 1.7 | 2.2 | 0.8 | 2.1 | 7.3% |
| Canada | 0.2 | 0.4 | 0.7 | 0.6 | 44.2% |
| India | 0.1 | 0.2 | 0.6 | 0.6 | 81.7% |
| Singapore | N/A | 0.1 | 0.5 | 0.5 | 123.6% |
| Taiwan (Chinese) | 0.2 | 0.3 | 0.2 | 0.3 | 14.5% |
| Others | 1.2 | 0.6 | 1.4 | 1.3 | 2.7% |
| Total | 6.5 | 5.9 | 10.5 | 11.3 | 20.2% |
Top Export Markets for Shrimp from South Korea in 2022:
- China (1283.0 tons)
- United States (311.3 tons)
- Hong Kong SAR (302.1 tons)
- Taiwan (Chinese) (149.7 tons)
- India (72.8 tons)
- Canada (67.5 tons)
- Singapore (40.0 tons)
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