Republic of Korea: Dried Prune Market 2024

Dried Prune Market Size in Republic of Korea

The South Korean dried prune market reached $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Dried Prune Production in Republic of Korea

In value terms, dried prune production reached $X in 2022 estimated in export price. In general, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.6% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 43% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Dried Prune Exports

Exports from Republic of Korea

Dried prune exports from South Korea amounted to X tons in 2022, remaining constant against the year before. Over the period under review, exports showed pronounced growth. The pace of growth was the most pronounced in 2017 with an increase of 769%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, dried prune exports totaled $X in 2022. In general, exports posted a buoyant expansion. The growth pace was the most rapid in 2017 when exports increased by 659%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons), Hong Kong SAR (X tons) and Vietnam (X tons) were the main destinations of dried prune exports from South Korea, with a combined 58% 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 Singapore (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for dried prunes exports from South Korea, comprising 36% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 17% share of total exports. It was followed by Vietnam, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-3.4% per year) and Vietnam (+14.3% per year).

Export Prices by Country

The average dried prune export price stood at $X per ton in 2022, stabilizing at the previous year. Overall, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dried prune export price decreased by -1.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 44% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, 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 (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Dried Prune Imports

Imports into Republic of Korea

Dried prune imports into South Korea totaled X tons in 2022, approximately mirroring 2021 figures. Overall, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.4% against 2020 indices. The pace of growth was the most pronounced in 2018 when imports increased by 39%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, dried prune imports reached $X in 2022. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.4% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 22%. Imports peaked at $X in 2020; afterwards, it flattened through to 2022.

Imports by Country

In 2022, the United States (X tons) was the main supplier of dried prune to South Korea, with a 94% share of total imports. Moreover, dried prune imports from the United States exceeded the figures recorded by the second-largest supplier, Poland (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+21.8% per year) and Chile (-17.9% per year).

In value terms, the United States ($X) constituted the largest supplier of dried prunes to South Korea, comprising 93% of total imports. The second position in the ranking was taken by Poland ($X), with a 4.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+19.9% per year) and Chile (-15.2% per year).

Import Prices by Country

The average dried prune import price stood at $X per ton in 2022, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2015 when the average import price increased by 34%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+3.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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