Price for Spices; Nutmeg, Neither Crushed Nor Ground in South Korea - 2022

Contents:

1. Price for Spices; Nutmeg, Neither Crushed Nor Ground in South Korea (CIF) - 2022
2. Price for Spices; Nutmeg, Neither Crushed Nor Ground in South Korea (FOB) - 2022
3. Imports of Spices; Nutmeg, Neither Crushed Nor Ground in South Korea
4. Exports of Spices; Nutmeg, Neither Crushed Nor Ground in South Korea

Price for Spices; Nutmeg, Neither Crushed Nor Ground in South Korea (CIF) - 2022

In December 2022, the average import price for spices; nutmeg, neither crushed nor ground amounted to $16,504 per ton, falling by -55.3% against the previous month. Over the period under review, the import price, however, saw a notable expansion. The most prominent rate of growth was recorded in May 2022 when the average import price increased by 194% m-o-m. As a result, import price reached the peak level of $39,927 per ton. From June 2022 to December 2022, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Indonesia.

From December 2021 to December 2022, the rate of growth in terms of prices for Indonesia amounted to +3.6% per month.

Price for Spices; Nutmeg, Neither Crushed Nor Ground in South Korea (FOB) - 2022

The average export price for spices; nutmeg, neither crushed nor ground stood at $7,188 per ton in 2022, dropping by -20.1% against the previous year. Over the period under review, the export price saw a abrupt downturn. The growth pace was the most rapid in 2020 an increase of 45% against the previous year. Over the period under review, the average export prices attained the maximum at $15,106 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($10,000 per ton), while the average price for exports to Poland stood at $5,200 per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+41.4%).

Imports of Spices; Nutmeg, Neither Crushed Nor Ground in South Korea

In 2022, after three years of growth, there was decline in purchases abroad of spices; nutmeg, neither crushed nor ground, when their volume decreased by -3.8% to 81 tons. The total import volume increased at an average annual rate of +4.4% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2020 with an increase of 8.9% against the previous year.

In value terms, imports of spices; nutmeg, neither crushed nor ground reduced to $1.2M in 2022. The total import value increased at an average annual rate of +8.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 21%.

Top Suppliers of Spices; Nutmeg, Neither Crushed Nor Ground to South Korea in 2022:

1. Indonesia (80.8 tons)

Exports of Spices; Nutmeg, Neither Crushed Nor Ground in South Korea

After two years of decline, overseas shipments of spices; nutmeg, neither crushed nor ground increased by 33% to 16 kg in 2022. Overall, exports, however, showed a sharp setback.

In value terms, exports of spices; nutmeg, neither crushed nor ground expanded remarkably to $115 in 2022. Over the period under review, exports, however, recorded a sharp slump.

Top Export Markets for Spices; Nutmeg, Neither Crushed Nor Ground from South Korea in 2022:

1. Poland (5.0 kg)
2. Ireland (3.0 kg)

Source: IndexBox Market Intelligence Platform