Spices; Turmeric (Curcuma) Price in South Korea - 2022
Contents:
- Spices; Turmeric (Curcuma) Price in South Korea (CIF) - 2022
- Spices; Turmeric (Curcuma) Price in South Korea (FOB) - 2022
- Spices; Turmeric (Curcuma) Imports in South Korea
- Spices; Turmeric (Curcuma) Exports in South Korea
Spices; Turmeric (Curcuma) Price in South Korea (CIF) - 2022
The average spices; turmeric (curcuma) import price stood at $2,473 per ton in December 2022, with an increase of 17% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.0%. The pace of growth appeared the most rapid in August 2022 an increase of 35% month-to-month. Over the period under review, average import prices reached the peak figure at $2,777 per ton in March 2022; however, from April 2022 to December 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was India ($2,497 per ton), while the price for Indonesia ($1,027 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 India (+1.6%), while the prices for the other major suppliers experienced a decline.
Spices; Turmeric (Curcuma) Price in South Korea (FOB) - 2022
In 2021, the average spices; turmeric (curcuma) export price amounted to $4,754 per ton, dropping by -33.5% against the previous year. Over the period under review, the export price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 an increase of 176%. The export price peaked at $7,150 per ton in 2020, and then shrank sharply in the following year.
There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($47,070 per ton), while the average price for exports to India ($3,805 per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+92.0%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Imports in South Korea
In 2022, the amount of spices; turmeric (curcuma) imported into South Korea rose to 981 tons, increasing by 4.1% on 2021 figures. The total import volume increased at an average annual rate of +4.2% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 18%. As a result, imports reached the peak of 1K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, spices; turmeric (curcuma) imports shrank to $2.1M in 2022. The total import value increased at an average annual rate of +6.2% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 20%.
| Import of Spices; Turmeric (Curcuma) in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Myanmar | 0.6 | 12.7 | 1,965 | 5622.8% | |
| India | 1,561 | 1,793 | N/A | 14.9% | |
| Indonesia | 72.8 | 121 | N/A | 66.2% | |
| Others | 156 | 212 | 189 | 10.1% | |
| Total | 1,790 | 2,139 | 2,154 | 9.7% | |
Top Suppliers of Spices; Turmeric (Curcuma) to South Korea in 2022:
- Myanmar (2.5K tons)
Spices; Turmeric (Curcuma) Exports in South Korea
In 2022, spices; turmeric (curcuma) exports from South Korea soared to 17 tons, with an increase of 52% against 2021 figures. In general, exports posted a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 93% against the previous year. As a result, the exports attained the peak of 23 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, spices; turmeric (curcuma) exports declined notably to $934 in 2022. Overall, exports, however, saw a sharp setback. The pace of growth was the most pronounced in 2020 when exports increased by 97%. As a result, the exports attained the peak of $162K. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Spices; Turmeric (Curcuma) in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| India | 0.1 | 16.7 | 9.7 | 884.9% | |
| Hong Kong SAR | N/A | N/A | 4.3 | 0% | |
| United States | N/A | 2.1 | 1.3 | -38.1% | |
| Australia | N/A | N/A | 0.5 | 0% | |
| Guatemala | 11.6 | N/A | N/A | 0% | |
| Israel | 2.3 | N/A | N/A | 0% | |
| Others | 67.9 | 143 | 36.7 | -26.5% | |
| Total | 81.9 | 162 | 52.5 | -19.9% | |
Top Export Markets for Spices; Turmeric (Curcuma) from South Korea in 2022:
- United States (undefined tons)
- India (2.5 tons)
- Australia (0.1 tons)
- Hong Kong SAR (0.1 tons)
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