Price for Crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containers in South Korea - 2022

Contents:

1. Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea (CIF) - 2022
2. Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea (FOB) - 2022
3. Imports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea
4. Exports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea

Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea (CIF) - 2022

The average import price for crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses stood at $9,502 per ton in December 2022, rising by 4.8% against the previous month. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in August 2022 an increase of 5.8% m-o-m. The import price peaked in December 2022.

Prices varied noticeably by the country of origin: the country with the highest price was Thailand ($15,752 per ton), while the price for Vietnam stood at $8,223 per ton.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Thailand (+0.9%).

Price for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea (FOB) - 2022

The average export price for crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses stood at $9,437 per ton in December 2022, growing by 19% against the previous month. Overall, export price indicated a modest expansion from December 2021 to December 2022: its price increased at an average monthly rate of +1.0% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, export price for crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses increased by +51.2% against October 2022 indices. The pace of growth was the most pronounced in June 2022 an increase of 54% m-o-m. As a result, the export price reached the peak level of $13,173 per ton. From July 2022 to December 2022, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was Japan ($30,189 per ton), while the average price for exports to the Philippines ($2,346 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea

In 2022, approx. 23K tons of crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses were imported into South Korea; increasing by 2.7% on 2021 figures. The total import volume increased at an average annual rate of +4.8% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 18%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, imports of crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses rose remarkably to $212M in 2022. The total import value increased at an average annual rate of +7.8% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 21% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Top Suppliers of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers to South Korea in 2022:

1. Vietnam (18.6K tons)
2. Thailand (4.1K tons)

Exports of Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers in South Korea

In 2022, shipments abroad of crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses decreased by -29.5% to 162 tons, falling for the second year in a row after two years of growth. Overall, exports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 66%. As a result, the exports attained the peak of 290 tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of crustacean preparations; shrimps and prawns, prepared or preserved, not in airtight containerses dropped markedly to $1.5M in 2022. In general, total exports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +8.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -24.6% against 2020 indices. The growth pace was the most rapid in 2020 when exports increased by 68% against the previous year. As a result, the exports attained the peak of $2M. From 2021 to 2022, the growth of the exports of remained at a lower figure.

Top Export Markets for Crustacean Preparations; Shrimps and Prawns, Prepared or Preserved, Not in Airtight Containers from South Korea in 2022:

1. United States (77.2 tons)
2. Canada (22.0 tons)
3. Myanmar (16.0 tons)
4. Vietnam (14.7 tons)
5. Hong Kong SAR (9.1 tons)
6. Philippines (5.4 tons)
7. Singapore (3.5 tons)

Source: IndexBox Market Intelligence Platform