Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea - 2022
Contents:
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (FOB) - 2022
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (CIF) - 2022
- Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea
- Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (FOB) - 2022
In December 2022, the average export price for spices; fruits of the genus capsicum or pimenta, crushed or ground amounted to $6,029 per ton, picking up by 17% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.4%. The pace of growth was the most pronounced in May 2022 when the average export price increased by 22% month-to-month. As a result, the export price reached the peak level of $6,485 per ton. From June 2022 to December 2022, the the average export prices remained at a lower figure.
There were significant differences in the average prices for the major foreign markets. In December 2022, the country with the highest price was Japan ($9,857 per ton), while the average price for exports to Taiwan (Chinese) ($3,842 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 Japan (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (CIF) - 2022
The average import price for spices; fruits of the genus capsicum or pimenta, crushed or ground stood at $2,758 per ton in December 2022, waning by -2.8% against the previous month. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in February 2022 when the average import price increased by 16% m-o-m. Over the period under review, average import prices attained the maximum at $3,754 per ton in April 2022; however, from May 2022 to December 2022, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In December 2022, the country with the highest price was India ($3,347 per ton), while the price for China amounted to $2,649 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by India (+1.8%).
Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea
In 2022, approx. 3.8K tons of spices; fruits of the genus capsicum or pimenta, crushed or ground were exported from South Korea; picking up by 9.2% compared with 2021. The total export volume increased at an average annual rate of +6.0% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 9.4% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, exports of spices; fruits of the genus capsicum or pimenta, crushed or ground rose notably to $21M in 2022. The total export value increased at an average annual rate of +9.6% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 14% against the previous year. Over the period under review, the exports of spices; fruits of genus capsicum or pimenta, crushed or ground attained the maximum in 2022 and are expected to retain growth in the near future.
| Export of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 5.5 | 6.4 | 6.8 | 7.5 | 10.9% |
| Japan | 2.7 | 2.7 | 3.1 | 3.3 | 6.9% |
| Taiwan (Chinese) | 1.1 | 1.7 | 1.6 | 1.7 | 15.6% |
| Philippines | 1.1 | 1.4 | 1.2 | 1.7 | 15.6% |
| Canada | 0.9 | 1.1 | 1.2 | 1.5 | 18.6% |
| Australia | 0.9 | 0.9 | 0.8 | 1.1 | 6.9% |
| Netherlands | 0.2 | 0.4 | 0.5 | 0.7 | 51.8% |
| Vietnam | 1.1 | 0.9 | 1.0 | 0.6 | -18.3% |
| Others | 2.1 | 2.4 | 2.6 | 2.5 | 6.0% |
| Total | 15.6 | 17.8 | 18.8 | 20.5 | 9.5% |
Top Export Markets for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground from South Korea in 2022:
- United States (1203.3 tons)
- Philippines (461.4 tons)
- Japan (460.0 tons)
- Taiwan (Chinese) (443.8 tons)
- Canada (260.6 tons)
- Australia (193.0 tons)
- Netherlands (138.1 tons)
- Vietnam (126.1 tons)
Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea
Imports of spices; fruits of the genus capsicum or pimenta, crushed or ground into South Korea surged to 2.8K tons in 2022, growing by 22% against the previous year. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 64%. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of spices; fruits of the genus capsicum or pimenta, crushed or ground surged to $9M in 2022. Over the period under review, imports posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 66% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3.1 | 5.4 | 6.3 | 8.2 | 38.3% |
| India | 0.2 | 0.3 | 0.4 | 0.3 | 14.5% |
| Others | 0.3 | 0.4 | 0.7 | 0.5 | 18.6% |
| Total | 3.7 | 6.1 | 7.4 | 9.0 | 34.5% |
Top Suppliers of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground to South Korea in 2022:
- China (2649.1 tons)
- India (136.0 tons)
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