Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea - 2022
Contents:
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (CIF) - 2022
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (FOB) - 2022
- Imports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea
- Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea
Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (CIF) - 2022
The average import price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $2,079 per ton in December 2022, surging by 6.1% against the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in May 2022 when the average import price increased by 27% month-to-month. The import price peaked at $2,548 per ton in January 2022; however, from February 2022 to December 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Turkey ($9,113 per ton), while the price for China ($702 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 Turkey (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (FOB) - 2022
In 2022, the average export price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses amounted to $8,666 per ton, increasing by 22% against the previous year. Overall, the export price saw resilient growth. The most prominent rate of growth was recorded in 2020 an increase of 42% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($37,587 per ton), while the average price for exports to India ($1,300 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 China (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea
Imports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses into South Korea shrank rapidly to 5.3K tons in 2022, which is down by -54.5% on 2021. In general, imports saw a significant decrease. The most prominent rate of growth was recorded in 2021 with an increase of 2.5% against the previous year.
In value terms, imports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses fell remarkably to $13M in 2022. Over the period under review, imports saw a deep setback. The pace of growth was the most pronounced in 2020 with an increase of 0.9% against the previous year. As a result, imports reached the peak of $17M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Peru | N/A | 0.4 | 1.0 | 4.5 | 235.4% |
| India | 2.1 | 2.5 | 2.8 | 2.6 | 7.4% |
| China | 10.9 | 10.5 | 8.2 | 1.9 | -44.1% |
| Turkey | 0.8 | 1.0 | 1.3 | 1.0 | 7.7% |
| Thailand | 1.1 | 0.8 | 0.7 | 0.7 | -14.0% |
| Vietnam | 0.2 | 0.3 | 0.3 | 0.5 | 35.7% |
| Others | 1.9 | 1.7 | 1.9 | 1.3 | -11.9% |
| Total | 17.0 | 17.2 | 16.2 | 12.5 | -9.7% |
Top Suppliers of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices to South Korea in 2022:
- China (2015.8 tons)
- Peru (1199.4 tons)
- India (1131.3 tons)
- Thailand (320.9 tons)
- Vietnam (218.5 tons)
- Turkey (192.7 tons)
Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea
In 2022, the amount of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses exported from South Korea contracted dramatically to 58 tons, waning by -64.1% on 2021. Overall, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of 212% against the previous year. As a result, the exports attained the peak of 163 tons, and then fell rapidly in the following year.
In value terms, exports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses contracted sharply to $506K in 2022. Over the period under review, exports, however, saw a mild expansion. The growth pace was the most rapid in 2021 when exports increased by 222% against the previous year. As a result, the exports attained the peak of $1.2M, and then contracted rapidly in the following year.
| Export of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 1.1 | 89.0 | 176 | 209 | 474.9% |
| United States | 5.6 | 33.2 | 77.9 | 95.0 | 156.9% |
| China | 271 | 50.6 | 683 | 70.9 | -36.0% |
| Russia | 93.0 | 26.1 | 10.3 | 25.7 | -34.9% |
| France | N/A | N/A | 44.7 | 22.5 | -49.7% |
| India | 10.4 | 3.7 | N/A | 19.1 | 22.5% |
| United Arab Emirates | 58.3 | 51.9 | 12.4 | 17.0 | -33.7% |
| Kiribati | 2.4 | N/A | N/A | 7.6 | 46.8% |
| Australia | 15.2 | 64.2 | 106 | 2.9 | -42.4% |
| Others | 25.1 | 41.7 | 48.4 | 35.7 | 12.5% |
| Total | 483 | 360 | 1,159 | 506 | 1.6% |
Top Export Markets for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices from South Korea in 2022:
- China (16.3 tons)
- India (14.7 tons)
- Vietnam (5.6 tons)
- United Arab Emirates (5.1 tons)
- United States (4.3 tons)
- Russia (3.5 tons)
- Kiribati (2.4 tons)
- France (0.7 tons)
- Australia (0.5 tons)
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