Republic of Korea: Fresh Pork Cut Market 2025

Fresh Pork Cut Exports

Exports from Republic of Korea

In 2022, exports of fresh or chilled hams, shoulders and cuts of pig meat from South Korea skyrocketed to X tons, with an increase of 313% against the previous year's figure. Overall, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 995%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, fresh pork cut exports soared to $X in 2022. Over the period under review, exports, however, recorded a deep setback. The growth pace was the most rapid in 2020 when exports increased by 508%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons) was the main destination for fresh pork cut exports from South Korea, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at -6.5%.

In value terms, Hong Kong SAR ($X) also remains the key foreign market for fresh or chilled hams, shoulders and cuts of pig meat exports from South Korea.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR totaled -9.3%.

Export Prices by Country

The average fresh pork cut export price stood at $X per ton in 2022, waning by -13.1% against the previous year. Overall, the export price saw a perceptible reduction. The most prominent rate of growth was recorded in 2019 an increase of 38% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to -2.9% per year.

Fresh Pork Cut Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in supplies from abroad of fresh or chilled hams, shoulders and cuts of pig meat, when their volume increased by 120% to X tons. In general, imports recorded a mild expansion. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, fresh pork cut imports skyrocketed to $X in 2022. Overall, imports showed a temperate increase. The pace of growth was the most pronounced in 2016 with an increase of 76% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Denmark (X tons) constituted the largest supplier of fresh pork cut to South Korea, accounting for a 73% share of total imports. Moreover, fresh pork cut imports from Denmark exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The Netherlands (X tons) ranked third in terms of total imports with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume from Denmark totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.1% per year) and the Netherlands (+66.1% per year).

In value terms, Denmark ($X) constituted the largest supplier of fresh or chilled hams, shoulders and cuts of pig meat to South Korea, comprising 59% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by the Netherlands, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Denmark amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.0% per year) and the Netherlands (+70.0% per year).

Import Prices by Country

The average fresh pork cut import price stood at $X per ton in 2022, which is down by -25.3% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh pork cut import price increased by +11.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped remarkably in the following year.

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 the United States ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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