Republic of Korea: Market for Swine Bellies (Salted, in Brine, Dried or Smoked) 2024

Market Size for Swine Bellies (Salted, in Brine, Dried or Smoked) in Republic of Korea

In 2022, after two years of growth, there was decline in the South Korean market for swine bellies (salted, in brine, dried or smoked), when its value decreased by X% to $X. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then declined in the following year.

Exports of Swine Bellies (Salted, in Brine, Dried or Smoked)

Exports from Republic of Korea

In 2022, shipments abroad of swine bellies (salted, in brine, dried or smoked) was finally on the rise to reach X kg after two years of decline. Overall, exports, however, saw a sharp slump. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of swine bellies (salted, in brine, dried or smoked) soared to $X in 2022. In general, exports, however, recorded a significant curtailment. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports of hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X kg) was the main destination for exports of swine bellies (salted, in brine, dried or smoked) from South Korea, with a X% share of total exports. Moreover, exports of swine bellies (salted, in brine, dried or smoked) to Hong Kong SAR exceeded the volume sent to the second major destination, Bahamas (X kg), threefold. Iraq (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (X% per year) and Iraq (X% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for swine bellies (salted, in brine, dried or smoked) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Iraq ($X), with a X% share of total exports. It was followed by Bahamas, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (X% per year) and Bahamas (X% per year).

Export Prices by Country

In 2022, the average export price for swine bellies (salted, in brine, dried or smoked) amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then reduced remarkably in the following year.

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 Iraq ($X per ton), while the average price for exports to Bahamas ($X 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 Algeria (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Swine Bellies (Salted, in Brine, Dried or Smoked)

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in supplies from abroad of swine bellies (salted, in brine, dried or smoked), when their volume decreased by X% to X tons. In general, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, imports of swine bellies (salted, in brine, dried or smoked) contracted slightly to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest salted, dried, or smoked swine bellies supplier to South Korea, with a X% share of total imports. Moreover, imports of swine bellies (salted, in brine, dried or smoked) from the United States exceeded the figures recorded by the second-largest supplier, Spain (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to X%.

In value terms, the United States ($X) constituted the largest supplier of swine bellies (salted, in brine, dried or smoked) to South Korea, comprising X% of total imports. The second position in the ranking was taken by Spain ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled X%.

Import Prices by Country

The average import price for swine bellies (salted, in brine, dried or smoked) stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform