Republic of Korea: Sesame Oil Market 2024

Sesame Oil Market Size in Republic of Korea

For the third year in a row, the South Korean sesame oil market recorded decline in sales value, which decreased by X% to $X in 2022. Overall, consumption continues to indicate a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Sesame Oil Production in Republic of Korea

In value terms, sesame oil production declined to $X in 2022 estimated in export price. In general, production continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Sesame oil production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

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Sesame Oil Exports

Exports from Republic of Korea

For the seventh consecutive year, South Korea recorded growth in overseas shipments of sesame oil, which increased by X% to X tons in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, sesame oil exports surged to $X in 2022. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons) was the main destination for sesame oil exports from South Korea, with a X% share of total exports. Moreover, sesame oil exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. The third position in this ranking was held by Australia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

In value terms, the United States ($X) remains the key foreign market for sesame oil exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Australia ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average sesame oil export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mongolia ($X per ton), while the average price for exports to Canada ($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 Japan (X%), while the prices for the other major destinations experienced a decline.

Sesame Oil Imports

Imports into Republic of Korea

In 2022, approx. X tons of sesame oil were imported into South Korea; increasing by X% against the year before. In general, imports saw a mild increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, sesame oil imports reached $X in 2022. Overall, total imports indicated a pronounced 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 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of sesame oil to South Korea, with a X% share of total imports. Moreover, sesame oil imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Mexico (X% per year).

In value terms, China ($X) constituted the largest supplier of sesame oil to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Mexico (X% per year).

Import Prices by Country

The average sesame oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, import price indicated a tangible 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, sesame oil import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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