Price for Frozen Boneless Cuts of Bovine Meat in South Korea - 2022
Contents:
- Price for Frozen Boneless Cuts of Bovine Meat in South Korea (CIF) - 2022
- Price for Frozen Boneless Cuts of Bovine Meat in South Korea (FOB) - 2022
- Imports of Frozen Boneless Cuts of Bovine Meat in South Korea
- Exports of Frozen Boneless Cuts of Bovine Meat in South Korea
Price for Frozen Boneless Cuts of Bovine Meat in South Korea (CIF) - 2022
The average import price for frozen boneless cuts of bovine meat stood at $6,441 per ton in December 2022, which is down by -4.4% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2022 when the average import price increased by 6% month-to-month. As a result, import price reached the peak level of $7,775 per ton. From September 2022 to December 2022, the average import prices remained at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In December 2022, the countries with the highest prices were Canada ($8,029 per ton) and the United States ($6,532 per ton), while the price for Mexico ($5,594 per ton) and New Zealand ($5,690 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Frozen Boneless Cuts of Bovine Meat in South Korea (FOB) - 2022
The average export price for frozen boneless cuts of bovine meat stood at $5,364 per ton in 2022, reducing by -42.8% against the previous year. Overall, the export price showed a pronounced decline. The pace of growth was the most pronounced in 2017 an increase of 49% against the previous year. The export price peaked at $10,254 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($43,571 per ton), while the average price for exports to Vietnam ($4,563 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 Hong Kong SAR (+21.2%), while the prices for the other major destinations experienced a decline.
Imports of Frozen Boneless Cuts of Bovine Meat in South Korea
In 2022, approx. 231K tons of frozen boneless cuts of bovine meat were imported into South Korea; with an increase of 8.2% on 2021. The total import volume increased at an average annual rate of +2.9% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of frozen boneless cuts of bovine meat surged to $1.7B in 2022. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +12.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.3% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Frozen Boneless Cuts of Bovine Meat in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 558 | 520 | 590 | 814 | 13.4% |
| Australia | 569 | 528 | 623 | 692 | 6.7% |
| Canada | 12.8 | 6.9 | 25.1 | 81.0 | 85.0% |
| New Zealand | 32.3 | 33.6 | 54.3 | 75.1 | 32.5% |
| Mexico | 17.7 | 21.2 | 21.7 | 23.3 | 9.6% |
| Others | 5.9 | 4.7 | 13.4 | 12.3 | 27.7% |
| Total | 1,196 | 1,114 | 1,327 | 1,698 | 12.4% |
Top Suppliers of Frozen Boneless Cuts of Bovine Meat to South Korea in 2022:
- United States (105.0K tons)
- Australia (99.3K tons)
- New Zealand (12.0K tons)
- Canada (9.6K tons)
- Mexico (3.6K tons)
Exports of Frozen Boneless Cuts of Bovine Meat in South Korea
In 2022, the amount of frozen boneless cuts of bovine meat exported from South Korea surged to 123 tons, picking up by 903% compared with 2021 figures. Over the period under review, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, exports of frozen boneless cuts of bovine meat soared to $662K in 2022. Overall, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Frozen Boneless Cuts of Bovine Meat in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | N/A | N/A | N/A | 508 | 0% |
| Iraq | 139 | 44.9 | 53.0 | 124 | -3.7% |
| Hong Kong SAR | 61.3 | N/A | 51.5 | 25.3 | -25.5% |
| Lao People's Democratic Republic | 8.9 | N/A | 10.9 | N/A | 10.7% |
| Others | 2.3 | 2.7 | 0.1 | 5.1 | 30.4% |
| Total | 211 | 47.6 | 115 | 662 | 46.4% |
Top Export Markets for Frozen Boneless Cuts of Bovine Meat from South Korea in 2022:
- Vietnam (111.2 tons)
- Iraq (10.7 tons)
- Hong Kong SAR (0.6 tons)
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