Republic of Korea: Preserved Swine Belly Market 2021

Preserved Swine Belly Market Size in Republic of Korea

The South Korean preserved swine belly market stood at $X in 2020, increasing by X% against the previous year. The market value increased at an average annual rate of +X% over the period from 2007 to 2020; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the market value increased by X% y-o-y. Preserved swine belly consumption peaked in 2020 and is expected to retain growth in years to come.

Preserved Swine Belly Production in Republic of Korea

In value terms, preserved swine belly production surged to $X in 2020 estimated in export prices. The total output value increased at an average annual rate of +X% from 2007 to 2020; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Preserved Swine Belly Exports

Exports from Republic of Korea

After thirteen years of growth, shipments abroad of bellies and cuts of swine (salted, in brine, dried or smoked) decreased by -X% to X kg in 2020. Over the period under review, total exports indicated a mild increase from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2011 with an increase of X% y-o-y. Exports peaked at X kg in 2019, and then contracted notably in the following year.

In value terms, preserved swine belly exports fell notably to $X in 2020. In general, total exports indicated a perceptible increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by X% year-to-year. Over the period under review, exports hit record highs at $X in 2019, and then shrank remarkably in the following year.

Exports by Country

Cambodia (X kg) was the main destination for preserved swine belly exports from South Korea, accounting for a X% share of total exports. Moreover, preserved swine belly exports to Cambodia exceeded the volume sent to the second major destination, Iraq (X kg), threefold.

From 2007 to 2020, the average annual growth rate of volume to Cambodia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-X% per year) and the Philippines (+X% per year).

In value terms, Cambodia ($X), Iraq ($X) and the Philippines ($X) appeared to be the largest markets for preserved swine belly exported from South Korea worldwide, with a combined X% share of total exports.

Cambodia (+X% per year) recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average preserved swine belly export price stood at $X per ton in 2020, with an increase of X% against the previous year. Overall, export price indicated a modest increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, preserved swine belly export price increased by +X% against 2011 indices. As a result, export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Iraq ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Iraq, while the prices for the other major destinations experienced a decline.

Preserved Swine Belly Imports

Imports into Republic of Korea

In 2020, after four years of growth, there was significant decline in overseas purchases of bellies and cuts of swine (salted, in brine, dried or smoked), when their volume decreased by -X% to X tons. Over the period under review, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2012 with an increase of X% year-to-year. Imports peaked at X tons in 2019, and then plummeted in the following year.

In value terms, preserved swine belly imports contracted dramatically to $X in 2020. In general, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2012 with an increase of X% y-o-y. Imports peaked at $X in 2019, and then dropped rapidly in the following year.

Imports by Country

In 2020, the U.S. (X tons) was the main supplier of preserved swine belly to South Korea, accounting for a X% share of total imports. Moreover, preserved swine belly imports from the U.S. exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold.

From 2007 to 2020, the average annual growth rate of volume from the U.S. totaled +X%.

In value terms, the U.S. ($X) constituted the largest supplier of preserved swine belly to South Korea, comprising X% of total imports. The second position in the ranking was occupied by Spain ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from the U.S. stood at +X%.

Import Prices by Country

In 2020, the average preserved swine belly import price amounted to $X per ton, picking up by X% against the previous year. Over the last thirteen-year period, it increased at an average annual rate of +X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2020, the country with the highest price was the U.S. ($X per ton), while the price for Spain totaled $X per ton.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the U.S..

Source: IndexBox Platform

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