Price for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea - 2022

Contents:

1. Price for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea (FOB) - 2022
2. Price for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea (CIF) - 2022
3. Exports of White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea
4. Imports of White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea

Price for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea (FOB) - 2022

In 2022, the average export price for white sugar (containing >= 99,5% sucrose) and chemically pure sucrose amounted to $618 per ton, surging by 13% against the previous year. Overall, the export price, however, continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24%. The export price peaked at $730 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($736 per ton) and Indonesia ($678 per ton), while the average price for exports to Hong Kong SAR ($590 per ton) and China ($614 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-0.8%), while the prices for the other major destinations experienced a decline.

Price for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea (CIF) - 2022

In December 2022, the average import price for white sugar (containing >= 99,5% sucrose) and chemically pure sucrose amounted to $724 per ton, surging by 6.8% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.3%. The most prominent rate of growth was recorded in January 2022 when the average import price increased by 32% month-to-month. As a result, import price reached the peak level of $823 per ton. From February 2022 to December 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In December 2022, the country with the highest price was Brazil ($864 per ton), while the price for Malaysia ($611 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 the United Arab Emirates (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea

In 2022, shipments abroad of white sugar (containing >= 99,5% sucrose) and chemically pure sucrose decreased by -7.3% to 249K tons, falling for the second year in a row after two years of growth. In general, exports saw a noticeable downturn. The pace of growth was the most pronounced in 2020 with an increase of 9.8% against the previous year. As a result, the exports attained the peak of 314K tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of white sugar (containing >= 99,5% sucrose) and chemically pure sucrose rose modestly to $154M in 2022. The total export value increased at an average annual rate of +8.9% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2020 with an increase of 15%. Over the period under review, the exports of attained the peak figure in 2022 and are expected to retain growth in the near future.

Top Export Markets for White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose from South Korea in 2022:

1. China (156.6K tons)
2. Hong Kong SAR (75.4K tons)
3. Indonesia (5.0K tons)
4. Japan (3.5K tons)

Imports of White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose in South Korea

In 2022, the amount of white sugar (containing >= 99,5% sucrose) and chemically pure sucrose imported into South Korea was estimated at 111K tons, picking up by 4.2% compared with 2021. Overall, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of white sugar (containing >= 99,5% sucrose) and chemically pure sucrose expanded sharply to $75M in 2022. In general, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +13.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 31% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in the near future.

Top Suppliers of White Sugar (Containing >= 99,5% Sucrose) and Chemically Pure Sucrose to South Korea in 2022:

1. Thailand (94.0K tons)
2. Malaysia (8.0K tons)
3. Brazil (3.9K tons)
4. United Arab Emirates (1.7K tons)

Source: IndexBox Market Intelligence Platform