Republic of Korea - Cloves - Market Analysis, Forecast, Size, Trends and Insights
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View PricingClove Price in South Korea - 2022
Contents:
- Clove Price in South Korea (CIF) - 2022
- Clove Price in South Korea (FOB) - 2022
- Clove Imports in South Korea
- Clove Exports in South Korea
Clove Price in South Korea (CIF) - 2022
In December 2022, the average clove import price amounted to $17,759 per ton, surging by 89% against the previous month. Overall, import price indicated a noticeable increase from December 2021 to December 2022: its price increased at an average monthly rate of +4.7% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, clove import price increased by +88.8% against November 2022 indices. The import price peaked at $18,748 per ton in September 2022; however, from October 2022 to December 2022, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In December 2022, the country with the highest price was Tanzania ($18,526 per ton), while the price for Madagascar totaled $12,840 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Clove Price in South Korea (FOB) - 2022
The average clove export price stood at $182,714 per ton in 2022, increasing by 775% against the previous year. Overall, the export price posted significant growth. The most prominent rate of growth was recorded in 2021 an increase of 911% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.
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 ($247,800 per ton), while the average price for exports to Italy ($20,000 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 United States (+44.7%), while the prices for the other major destinations experienced a decline.
Clove Imports in South Korea
In 2022, approx. 135 tons of cloves were imported into South Korea; with an increase of 2% on the year before. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 7.1%. As a result, imports attained the peak of 147 tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, clove imports soared to $1.3M in 2022. The total import value increased at an average annual rate of +5.9% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.
Import of Clove in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Tanzania | 291 | 270 | 249 | 661 | 31.5% |
Indonesia | 474 | 299 | 214 | 450 | -1.7% |
Madagascar | 81.2 | 8.2 | 15.1 | 88.6 | 2.9% |
Vietnam | 19.0 | 25.9 | 18.3 | 26.3 | 11.4% |
India | 107 | 7.6 | 4.7 | 18.3 | -44.5% |
Others | 92.0 | 314 | 566 | 17.9 | -42.1% |
Total | 1,063 | 925 | 1,068 | 1,263 | 5.9% |
Top Suppliers of Clove to South Korea in 2022:
- Indonesia (87.3 tons)
- Tanzania (36.5 tons)
- Madagascar (6.4 tons)
- Vietnam (2.8 tons)
- India (1.6 tons)
Clove Exports in South Korea
In 2022, shipments abroad of cloves decreased by -93.9% to 7 kg for the first time since 2019, thus ending a two-year rising trend. Overall, exports saw a significant curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 87% against the previous year. As a result, the exports reached the peak of 114 kg, and then shrank markedly in the following year.
In value terms, clove exports fell significantly to $1.3K in 2022. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 1,789%. As a result, the exports attained the peak of $2.4K, and then fell rapidly in the following year.
Export of Clove in South Korea (USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2020 | 2021 | 2022 | CAGR, 2020-2022 | |
United States | 5.0 | 1,936 | 1,239 | 1474.2% | |
Italy | N/A | N/A | 20.0 | 0% | |
France | N/A | N/A | 20.0 | 0% | |
Panama | 99.0 | N/A | N/A | 0% | |
Netherlands | 12.0 | 222 | N/A | 1750.0% | |
Others | 10.0 | 222 | N/A | 2120.0% | |
Total | 126 | 2,380 | 1,279 | 218.6% |
Top Export Markets for Clove from South Korea in 2022:
- United States (5.0 kg)
- Italy (1.0 kg)
- France (1.0 kg)
This report provides an in-depth analysis of the clove market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 698 - Cloves
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
This report provides an in-depth analysis of the clove market in Republic of Korea.
This report provides an in-depth analysis of the global clove market.
This report provides an in-depth analysis of the clove market in Republic of Korea.
This report provides an in-depth analysis of the global clove market.
Global clove consumption amounted to X thousand tons in 2015, lowering by -X% against the previous year level.
Global clove exports amounted to X thousand tons in 2015, growing by +X% against the previous year level.
Global clove imports amounted to X thousand tons in 2015, falling by -X% against the previous year level.
In 2015, the country with the largest volume of the clove output was Indonesia (X thousand tons), accounting for X% of global production.
Singapore dominates in the global clove trade. In 2014, Singapore exported X thousand tons of сlove totaling X million USD, X times over the previous year. Its primary trading partner was Malaysia, where it supplied X% of its total сlove exports
Global clove consumption amounted to X thousand tons in 2015, lowering by -X% against the previous year level.
Global clove exports amounted to X thousand tons in 2015, growing by +X% against the previous year level.
Global clove imports amounted to X thousand tons in 2015, falling by -X% against the previous year level.
In 2015, the country with the largest volume of the clove output was Indonesia (X thousand tons), accounting for X% of global production.
Singapore dominates in the global clove trade. In 2014, Singapore exported X thousand tons of сlove totaling X million USD, X times over the previous year. Its primary trading partner was Malaysia, where it supplied X% of its total сlove exports