Republic of Korea: Fig Market 2024

Fig Market Size in Republic of Korea

The South Korean fig market was estimated at $X in 2022, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a significant increase. Fig consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Fig Exports

Exports from Republic of Korea

In 2022, exports of figs from South Korea contracted markedly to X tons, which is down by X% on the previous year. Overall, exports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, fig exports fell to $X in 2022. In general, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons), Hong Kong SAR (X tons) and Vietnam (X tons) were the main destinations of fig exports from South Korea, with a combined X% share of total exports. Mongolia, the United States and Macao SAR lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Mongolia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Hong Kong SAR ($X) and Vietnam ($X) appeared to be the largest markets for fig exported from South Korea worldwide, together accounting for X% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fig export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2022: its price 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, fig export price decreased by X% against 2020 indices. The growth pace was the most rapid in 2020 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Fig Imports

Imports into Republic of Korea

Fig imports into South Korea stood at X tons in 2022, picking up by X% compared with the previous year's figure. In general, imports posted strong growth. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, fig imports rose slightly to $X in 2022. Overall, imports saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of fig to South Korea, with a X% share of total imports. Moreover, fig imports from Turkey exceeded the figures recorded by the second-largest supplier, Iran (X tons), tenfold. The United Arab Emirates (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (X% per year) and the United Arab Emirates (X% per year).

In value terms, Turkey ($X) constituted the largest supplier of figs to South Korea, comprising X% of total imports. The second position in the ranking was taken by Iran ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Turkey amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The average fig import price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

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 more modest paces of growth.

Source: IndexBox Platform

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