Spices; Saffron Price in South Korea - 2022
Contents:
- Spices; Saffron Price in South Korea (CIF) - 2022
- Spices; Saffron Price in South Korea (FOB) - 2022
- Spices; Saffron Imports in South Korea
- Spices; Saffron Exports in South Korea
Spices; Saffron Price in South Korea (CIF) - 2022
The average spices; saffron import price stood at $243,767 per ton in 2022, with a decrease of -10.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 44% against the previous year. As a result, import price attained the peak level of $290,408 per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.
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 Iran ($1,874,000 per ton), while the price for Spain ($124,102 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+61.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Spices; Saffron Price in South Korea (FOB) - 2022
The average spices; saffron export price stood at $61,000 per ton in 2022, surging by 79% against the previous year. In general, the export price, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 an increase of 114%. Over the period under review, the average export prices reached the peak figure at $259,662 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.
As there is only one major export destination, the average price level is determined by prices for Northern Mariana Islands.
From 2014 to 2022, the rate of growth in terms of prices for Vietnam amounted to +2,684.7% per year.
Spices; Saffron Imports in South Korea
In 2022, approx. 318 kg of spices; saffra were imported into South Korea; shrinking by -53.4% compared with the previous year's figure. Over the period under review, imports faced a deep setback. The pace of growth appeared the most rapid in 2021 when imports increased by 40%. As a result, imports reached the peak of 683 kg, and then fell rapidly in the following year.
In value terms, spices; saffron imports reduced dramatically to $78K in 2022. Overall, imports continue to indicate a precipitous contraction. The pace of growth was the most pronounced in 2021 with an increase of 52%. As a result, imports reached the peak of $186K, and then reduced markedly in the following year.
| Import of Spices; Saffron in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 8.9 | 16.1 | 18.7 | 35.9 | 59.2% |
| Spain | 56.1 | 26.7 | 47.0 | 25.4 | -23.2% |
| Iran | 26.3 | 22.6 | 35.1 | 11.2 | -24.8% |
| Greece | 0.4 | 0.2 | N/A | 3.0 | 95.7% |
| Sri Lanka | 0.7 | 0.7 | 0.7 | N/A | 0.0% |
| Portugal | 21.0 | 22.3 | 23.6 | N/A | 6.0% |
| Others | 61.8 | 33.4 | 60.7 | 1.9 | -68.7% |
| Total | 175 | 122 | 186 | 77.5 | -23.8% |
Top Suppliers of Spices; Saffron to South Korea in 2022:
- Spain (205.0 kg)
- United States (68.0 kg)
- Greece (24.0 kg)
- Iran (6.0 kg)
Spices; Saffron Exports in South Korea
In 2022, approx. 2 kg of spices; saffra were exported from South Korea; declining by -97.9% against the year before. In general, exports recorded a precipitous decline. The smallest decline of -13.6% was in 2021.
In value terms, spices; saffron exports dropped dramatically to $122 in 2022. Over the period under review, exports continue to indicate a precipitous setback. The smallest decline of -49% was in 2021.
| Export of Spices; Saffron in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Northern Mariana Islands | N/A | N/A | N/A | 0.1 | 0% |
| Vietnam | N/A | 6.3 | 1.6 | N/A | -74.6% |
| Guam | 13.3 | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | 1.6 | N/A | 0% |
| Total | 13.3 | 6.3 | 3.2 | 0.1 | -80.4% |
Top Export Markets for Spices; Saffron from South Korea in 2022:
- Northern Mariana Islands (1.0 kg)
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