Price for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea - 2022
Contents:
- Price for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (FOB) - 2022
- Price for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (CIF) - 2022
- Exports of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea
- Imports of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea
Price for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (FOB) - 2022
The average export price for soups and broths and preparations therefor; homogenised composite food preparationses stood at $4,051 per ton in December 2022, which is down by -3.3% against the previous month. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in October 2022 an increase of 12% m-o-m. As a result, the export price attained the peak level of $4,250 per ton. From November 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 export markets. In December 2022, the country with the highest price was Taiwan (Chinese) ($5,658 per ton), while the average price for exports to Canada ($3,255 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 Taiwan (Chinese) (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (CIF) - 2022
The average import price for soups and broths and preparations therefor; homogenised composite food preparationses stood at $3,374 per ton in December 2022, increasing by 2.9% against the previous month. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2022 when the average import price increased by 22% m-o-m. As a result, import price attained the peak level of $3,914 per ton. From March 2022 to December 2022, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Vietnam ($5,956 per ton), while the price for China ($2,010 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 Vietnam (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea
In 2022, shipments abroad of soups and broths and preparations therefor; homogenised composite food preparationses decreased by -2.1% to 9.5K tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +21.0% 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 increased by +77.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 61%.
In value terms, exports of soups and broths and preparations therefor; homogenised composite food preparationses rose notably to $38M in 2022. In general, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 59%. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in years to come.
| Export of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 6.4 | 13.7 | 15.7 | 16.8 | 37.9% |
| Japan | 3.5 | 4.6 | 6.3 | 7.4 | 28.3% |
| Taiwan (Chinese) | 0.7 | 1.4 | 2.1 | 2.4 | 50.8% |
| Hong Kong SAR | 0.9 | 2.0 | 2.0 | 2.1 | 32.6% |
| Australia | 0.8 | 1.1 | 1.4 | 1.7 | 28.6% |
| Canada | 0.6 | 0.8 | 0.7 | 1.4 | 32.6% |
| China | 0.3 | 0.6 | 0.9 | 0.8 | 38.7% |
| Singapore | 0.5 | 0.8 | 1.0 | 0.7 | 11.9% |
| Vietnam | 1.0 | 1.2 | 1.0 | 0.6 | -15.7% |
| Russia | 1.6 | 0.4 | 0.6 | 0.6 | -27.9% |
| Others | 1.8 | 2.4 | 2.9 | 3.0 | 18.6% |
| Total | 18.1 | 28.8 | 34.7 | 37.6 | 27.6% |
Top Export Markets for Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations from South Korea in 2022:
- United States (4423.9 tons)
- Japan (2090.4 tons)
- Taiwan (Chinese) (518.4 tons)
- Hong Kong SAR (472.8 tons)
- Australia (453.3 tons)
- Canada (261.3 tons)
- Vietnam (193.5 tons)
- China (188.0 tons)
- Singapore (184.2 tons)
- Russia (86.2 tons)
Imports of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea
For the fourth consecutive year, South Korea recorded growth in overseas purchases of soups and broths and preparations therefor; homogenised composite food preparationses, which increased by 40% to 6.2K tons in 2022. In general, total imports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +16.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +56.8% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of soups and broths and preparations therefor; homogenised composite food preparationses soared to $22M in 2022. Overall, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +15.4% 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 +59.9% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 2.0 | 2.7 | 3.6 | 4.8 | 33.9% |
| United States | 3.2 | 3.5 | 3.2 | 4.5 | 12.0% |
| Paraguay | 0.1 | N/A | 0.3 | 3.0 | 210.7% |
| China | 2.4 | 3.1 | 2.4 | 2.5 | 1.4% |
| India | 0.1 | 0.7 | 1.4 | 2.4 | 188.4% |
| Japan | 3.2 | 0.7 | 1.0 | 1.4 | -24.1% |
| Taiwan (Chinese) | 0.3 | 0.2 | 0.3 | 0.6 | 26.0% |
| Vietnam | 1.1 | 0.9 | 0.5 | 0.6 | -18.3% |
| Others | 1.6 | 1.7 | 1.9 | 1.8 | 4.0% |
| Total | 14.0 | 13.5 | 14.7 | 21.5 | 15.4% |
Top Suppliers of Soups and Broths and Preparations Therefor; Homogenised Composite Food Preparations to South Korea in 2022:
- Malaysia (1755.2 tons)
- China (1059.4 tons)
- India (975.2 tons)
- United States (795.3 tons)
- Paraguay (731.4 tons)
- Japan (297.7 tons)
- Taiwan (Chinese) (185.9 tons)
- Vietnam (120.7 tons)
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