Price for Cutlery; Other than Plated with Precious Metal in South Korea - 2022
Contents:
- Price for Cutlery; Other than Plated with Precious Metal in South Korea (CIF) - 2022
- Price for Cutlery; Other than Plated with Precious Metal in South Korea (FOB) - 2022
- Imports of Cutlery; Other than Plated with Precious Metal in South Korea
- Exports of Cutlery; Other than Plated with Precious Metal in South Korea
Price for Cutlery; Other than Plated with Precious Metal in South Korea (CIF) - 2022
The average import price for cutlery; other than plated with precious metals stood at $12,738 per ton in December 2022, approximately reflecting the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in July 2022 when the average import price increased by 16% m-o-m. Over the period under review, average import prices hit record highs at $17,737 per ton in May 2022; however, from June 2022 to December 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Italy ($60,223 per ton), while the price for Vietnam ($6,565 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 Vietnam (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Cutlery; Other than Plated with Precious Metal in South Korea (FOB) - 2022
In 2022, the average export price for cutlery; other than plated with precious metals amounted to $13,462 per ton, growing by 6.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The growth pace was the most rapid in 2021 when the average export price increased by 28% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.
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 Vietnam ($26,750 per ton), while the average price for exports to Cameroon ($1,429 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 (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Cutlery; Other than Plated with Precious Metal in South Korea
In 2022, the amount of cutlery; other than plated with precious metals imported into South Korea rose significantly to 2.7K tons, picking up by 9.1% on 2021 figures. The total import volume increased at an average annual rate of +10.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 15% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of cutlery; other than plated with precious metals rose rapidly to $38M in 2022. Over the period under review, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +19.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 26%. Imports peaked in 2022 and are expected to retain growth in years to come.
| Import of Cutlery; Other than Plated with Precious Metal in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 14.0 | 17.3 | 20.8 | 23.2 | 18.3% |
| Italy | 2.2 | 3.5 | 4.4 | 5.2 | 33.2% |
| Japan | 1.8 | 1.7 | 2.4 | 1.8 | 0.0% |
| Vietnam | 1.3 | 1.6 | 1.5 | 1.6 | 7.2% |
| Others | 2.8 | 3.8 | 5.1 | 5.8 | 27.5% |
| Total | 22.1 | 27.9 | 34.4 | 37.6 | 19.4% |
Top Suppliers of Cutlery; Other than Plated with Precious Metal to South Korea in 2022:
- China (2257.3 tons)
- Vietnam (238.9 tons)
- Italy (81.4 tons)
- Japan (40.9 tons)
Exports of Cutlery; Other than Plated with Precious Metal in South Korea
In 2022, after three years of growth, there was decline in shipments abroad of cutlery; other than plated with precious metals, when their volume decreased by -4% to 411 tons. The total export volume increased at an average annual rate of +4.7% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 12% against the previous year.
In value terms, exports of cutlery; other than plated with precious metals rose slightly to $5.5M in 2022. The total export value increased at an average annual rate of +6.6% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 36%. The exports peaked in 2022 and are likely to see steady growth in years to come.
| Export of Cutlery; Other than Plated with Precious Metal in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 3,319 | 2,284 | 3,368 | 3,515 | 1.9% |
| China | 353 | 562 | 770 | 594 | 18.9% |
| Vietnam | 65.2 | 35.1 | 131 | 304 | 67.1% |
| France | 118 | 94.6 | 176 | 125 | 1.9% |
| Australia | 38.6 | 71.7 | 99.9 | 112 | 42.6% |
| Philippines | 24.9 | 73.7 | 67.5 | 105 | 61.6% |
| Singapore | 4.2 | 12.6 | 24.3 | 68.3 | 153.4% |
| Nigeria | 12.4 | 97.9 | 45.0 | 52.1 | 61.4% |
| Cameroon | 25.2 | 31.7 | 31.8 | 18.2 | -10.3% |
| Others | 608 | 705 | 701 | 640 | 1.7% |
| Total | 4,568 | 3,969 | 5,414 | 5,535 | 6.6% |
Top Export Markets for Cutlery; Other than Plated with Precious Metal from South Korea in 2022:
- United States (198.9 tons)
- Philippines (52.7 tons)
- Nigeria (30.0 tons)
- China (23.7 tons)
- Cameroon (12.8 tons)
- Singapore (11.4 tons)
- Vietnam (11.4 tons)
- Australia (10.5 tons)
- France (8.9 tons)
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