Price for Cereal Flours; Other than of Wheat or Meslin in South Korea - 2022

Contents:

1. Price for Cereal Flours; Other than of Wheat or Meslin in South Korea (CIF) - 2022
2. Price for Cereal Flours; Other than of Wheat or Meslin in South Korea (FOB) - 2022
3. Imports of Cereal Flours; Other than of Wheat or Meslin in South Korea
4. Exports of Cereal Flours; Other than of Wheat or Meslin in South Korea

Price for Cereal Flours; Other than of Wheat or Meslin in South Korea (CIF) - 2022

In December 2022, the average import price for cereal flours; other than of wheat or meslin amounted to $639 per ton, surging by 2.9% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in March 2022 when the average import price increased by 18% m-o-m. Over the period under review, average import prices reached the maximum at $750 per ton in January 2022; however, from February 2022 to December 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Indonesia ($950 per ton), while the price for India ($473 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 France (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Cereal Flours; Other than of Wheat or Meslin in South Korea (FOB) - 2022

In 2022, the average export price for cereal flours; other than of wheat or meslin amounted to $2,758 per ton, with an increase of 9.3% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for cereal flours; other than of wheat or meslin increased by +84.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 33%. The export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($20,661 per ton), while the average price for exports to Italy ($761 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 Japan (+28.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cereal Flours; Other than of Wheat or Meslin in South Korea

For the fourth year in a row, South Korea recorded growth in overseas purchases of cereal flours; other than of wheat or meslin, which increased by 9.7% to 19K tons in 2022. The total import volume increased at an average annual rate of +13.6% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 28% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, imports of cereal flours; other than of wheat or meslin soared to $11M in 2022. The total import value increased at an average annual rate of +15.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 28%. Imports peaked in 2022 and are likely to continue growth in the near future.

Top Suppliers of Cereal Flours; Other than of Wheat or Meslin to South Korea in 2022:

1. India (9.6K tons)
2. France (5.0K tons)
3. Netherlands (2.0K tons)
4. Indonesia (0.6K tons)
5. Germany (0.4K tons)
6. Russia (0.4K tons)
7. Italy (0.3K tons)

Exports of Cereal Flours; Other than of Wheat or Meslin in South Korea

In 2022, overseas shipments of cereal flours; other than of wheat or meslin decreased by -25% to 575 tons, falling for the second consecutive year after two years of growth. Overall, exports saw a deep slump. The growth pace was the most rapid in 2020 when exports increased by 12% against the previous year. As a result, the exports attained the peak of 1K tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of cereal flours; other than of wheat or meslin declined markedly to $1.6M in 2022. The total export value increased at an average annual rate of +4.7% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 43%. As a result, the exports attained the peak of $2M. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

Top Export Markets for Cereal Flours; Other than of Wheat or Meslin from South Korea in 2022:

1. United States (275.0 tons)
2. Russia (106.7 tons)
3. Vietnam (57.8 tons)
4. China (41.2 tons)
5. Australia (28.4 tons)
6. Canada (14.5 tons)
7. Philippines (9.3 tons)
8. United Arab Emirates (4.0 tons)

Source: IndexBox Market Intelligence Platform