Price for Spices; Ginger, Crushed or Ground in South Korea - 2022
Contents:
- Price for Spices; Ginger, Crushed or Ground in South Korea (CIF) - 2022
- Price for Spices; Ginger, Crushed or Ground in South Korea (FOB) - 2022
- Imports of Spices; Ginger, Crushed or Ground in South Korea
- Exports of Spices; Ginger, Crushed or Ground in South Korea
Price for Spices; Ginger, Crushed or Ground in South Korea (CIF) - 2022
The average import price for spices; ginger, crushed or ground stood at $4,835 per ton in 2022, falling by -3.2% against the previous year. In general, the import price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 an increase of 68%. Over the period under review, average import prices hit record highs at $4,994 per ton in 2021, and then contracted in the following year.
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 Peru ($22,045 per ton), while the price for China stood at $2,887 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.2%).
Price for Spices; Ginger, Crushed or Ground in South Korea (FOB) - 2022
In 2022, the average export price for spices; ginger, crushed or ground amounted to $13,478 per ton, falling by -32.5% against the previous year. Overall, the export price, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 198%. As a result, the export price attained the peak level of $38,318 per ton. From 2018 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($112,132 per ton), while the average price for exports to the United States ($7,466 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 the Netherlands (+62.9%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Crushed or Ground in South Korea
In 2022, purchases abroad of spices; ginger, crushed or ground increased by 12% to 208 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a abrupt slump.
In value terms, spices; ginger, crushed or ground imports reached $1M in 2022. Overall, imports, however, continue to indicate a pronounced reduction.
| Import of Spices; Ginger, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 828 | 831 | 463 | 567 | -11.9% |
| Peru | N/A | 57.3 | 253 | 238 | 103.8% |
| Others | 267 | 198 | 212 | 202 | -8.9% |
| Total | 1,096 | 1,086 | 928 | 1,007 | -2.8% |
Top Suppliers of Spices; Ginger, Crushed or Ground to South Korea in 2022:
- China (196.5 tons)
- Peru (10.8 tons)
Exports of Spices; Ginger, Crushed or Ground in South Korea
For the fourth year in a row, South Korea recorded growth in overseas shipments of spices; ginger, crushed or ground, which increased by 3.4% to 4.8 tons in 2022. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2020 when exports increased by 212%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.
In value terms, spices; ginger, crushed or ground exports fell markedly to $65K in 2022. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 248% against the previous year.
| Export of Spices; Ginger, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 3.0 | 6.0 | 5.0 | 21.3 | 92.2% |
| Canada | 3.4 | 0.6 | 0.7 | 16.5 | 69.3% |
| United Kingdom | N/A | 0.9 | 7.1 | 5.8 | 153.9% |
| Mongolia | 0.3 | 2.5 | 9.3 | 4.3 | 142.9% |
| United States | 0.9 | 9.6 | 30.8 | 1.7 | 23.6% |
| Australia | 0.3 | 2.7 | 5.7 | 1.1 | 54.2% |
| Bahrain | 0.2 | 1.4 | 1.7 | 1.0 | 71.0% |
| New Zealand | 0.2 | 1.3 | 2.3 | 0.8 | 58.7% |
| Others | 2.2 | 12.0 | 30.9 | 12.8 | 79.9% |
| Total | 10.6 | 36.9 | 93.6 | 65.3 | 83.3% |
Top Export Markets for Spices; Ginger, Crushed or Ground from South Korea in 2022:
- Japan (1920.0 kg)
- Canada (1424.0 kg)
- United Kingdom (338.0 kg)
- Mongolia (337.0 kg)
- United States (228.0 kg)
- Australia (138.0 kg)
- New Zealand (101.0 kg)
- Bahrain (79.0 kg)
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