Cereals; Millet, Seed Price in South Korea - 2022
Contents:
- Cereals; Millet, Seed Price in South Korea (FOB) - 2022
- Cereals; Millet, Seed Price in South Korea (CIF) - 2022
- Cereals; Millet, Seed Exports in South Korea
- Cereals; Millet, Seed Imports in South Korea
Cereals; Millet, Seed Price in South Korea (FOB) - 2022
The average cereals; millet, seed export price stood at $4,618 per ton in 2022, falling by -14.8% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices hit record highs at $5,421 per ton in 2021, and then reduced in the following year.
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 Iraq ($8,712 per ton), while the average price for exports to South Africa ($694 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 Japan (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.
Cereals; Millet, Seed Price in South Korea (CIF) - 2022
In 2022, the average cereals; millet, seed import price amounted to $1,208 per ton, with an increase of 83% against the previous year. Overall, the import price saw a buoyant increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($3,279 per ton), while the price for Australia ($300 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.7%), while the prices for the other major suppliers experienced a decline.
Cereals; Millet, Seed Exports in South Korea
In 2022, cereals; millet, seed exports from South Korea expanded significantly to 19 tons, surging by 10% on 2021 figures. Overall, total exports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +20.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.2% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 62%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.
In value terms, cereals; millet, seed exports fell to $88K in 2022. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 117%.
| Export of Cereals; Millet, Seed in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 18.7 | 14.0 | 34.4 | 46.5 | 35.5% |
| Canada | 2.2 | 5.0 | 19.7 | 26.6 | 129.5% |
| Iraq | 6.3 | 5.4 | 3.7 | 9.3 | 13.9% |
| United States | 4.1 | 3.1 | 4.1 | 4.7 | 4.7% |
| South Africa | 0.3 | 0.2 | 0.3 | 0.4 | 10.1% |
| Switzerland | 6.0 | N/A | N/A | N/A | 0% |
| Philippines | N/A | 53.6 | 29.8 | N/A | -44.4% |
| Others | 0.2 | 0.6 | 1.2 | N/A | 144.9% |
| Total | 37.8 | 82.0 | 93.2 | 87.6 | 32.3% |
Top Export Markets for Cereals; Millet, Seed from South Korea in 2022:
- United Kingdom (12.5 tons)
- Canada (4.1 tons)
- Iraq (1.1 tons)
- United States (0.7 tons)
- South Africa (0.6 tons)
Cereals; Millet, Seed Imports in South Korea
In 2022, overseas purchases of cereals; millet, seeds were finally on the rise to reach 207 tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a dramatic shrinkage.
In value terms, cereals; millet, seed imports surged to $250K in 2022. Over the period under review, imports, however, saw a deep slump.
| Import of Cereals; Millet, Seed in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 42.7 | 21.2 | 9.9 | 181 | 61.8% |
| China | 438 | 340 | 121 | 67.4 | -46.4% |
| Australia | 5.6 | 4.7 | 1.8 | 1.4 | -37.0% |
| Others | N/A | 0.9 | 1.1 | N/A | 22.2% |
| Total | 486 | 367 | 134 | 250 | -19.9% |
Top Suppliers of Cereals; Millet, Seed to South Korea in 2022:
- China (147.0 tons)
- United States (55.3 tons)
- Australia (4.6 tons)
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