Republic of Korea: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Republic of Korea

In 2022, after two years of growth, there was significant decline in the South Korean market for crude sunflower-seed and safflower oil, when its value decreased by -41.2% to $X. Over the period under review, consumption continues to indicate a dramatic decrease. Crude sunflower-seed and safflower oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Republic of Korea

After two years of growth, overseas shipments of crude sunflower-seed and safflower oil decreased by -0.5% to X tons in 2022. Over the period under review, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 17,383%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports shrank sharply to $X in 2022. Overall, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 3,228%. The exports peaked at $X in 2021, and then dropped notably in the following year.

Exports by Country

The United States (X tons), China (X tons) and Mongolia (X kg) were the main destinations of crude sunflower-seed and safflower oil exports from South Korea, with a combined 99% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +74.2%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for crude sunflower-seed and safflower oil exported from South Korea were the United States ($X), China ($X) and Mongolia ($X), together comprising 99% of total exports.

In terms of the main countries of destination, China, with a CAGR of +69.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, waning by -28.1% against the previous year. Over the period under review, the export price recorded a slight descent. The pace of growth appeared the most rapid in 2019 when the average export price increased by 536% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Mongolia ($X 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 (-2.7%), while the prices for the other major destinations experienced a decline.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Republic of Korea

In 2022, approx. X tons of crude sunflower-seed and safflower oil were imported into South Korea; which is down by -42% against the previous year. In general, imports faced a sharp reduction. The pace of growth appeared the most rapid in 2018 with an increase of 532%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports plummeted to $X in 2022. Overall, imports saw a dramatic slump. The most prominent rate of growth was recorded in 2018 with an increase of 366% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), the United States (X tons) and France (X tons) were the main suppliers of crude sunflower-seed and safflower oil imports to South Korea, with a combined 95% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +129.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to South Korea, comprising 55% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total imports. It was followed by France, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+117.5% per year) and France (+104.8% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, jumping by 16% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil import price increased by +145.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 94% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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