Republic of Korea: Preserved Olive Market 2024

Preserved Olive Market Size in Republic of Korea

The South Korean preserved olive market soared to $X in 2021, with an increase of 30% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded prominent growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Preserved Olive Exports

Exports from Republic of Korea

After four years of growth, overseas shipments of olives prepared or preserved decreased by -55.9% to X tons in 2021. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 2,617% against the previous year. The exports peaked at X tons in 2020, and then contracted significantly in the following year.

In value terms, preserved olive exports fell to $X in 2021. Overall, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 1,993%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X kg) was the main destination for preserved olive exports from South Korea, with a 22% share of total exports. Moreover, preserved olive exports to Singapore exceeded the volume sent to the second major destination, the Philippines (X kg), more than tenfold. Vietnam (X kg) ranked third in terms of total exports with a 0.8% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore totaled +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-20.9% per year) and Vietnam (-69.5% per year).

In value terms, Singapore ($X) remains the key foreign market for olives prepared or preserved exports from South Korea, comprising 9.8% of total exports. The second position in the ranking was held by Macao SAR ($X), with a 3.3% share of total exports. It was followed by Germany, with a 2.2% share.

From 2012 to 2021, the average annual growth rate of value to Singapore amounted to -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (0.0% per year) and Germany (0.0% per year).

Export Prices by Country

In 2021, the average preserved olive export price amounted to $X per ton, increasing by 94% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Olive Imports

Imports into Republic of Korea

In 2021, imports of olives prepared or preserved into South Korea soared to X tons, with an increase of 20% compared with 2020 figures. Overall, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2020 when imports increased by 36%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, preserved olive imports soared to $X in 2021. In general, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 39% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Spain (X tons) constituted the largest supplier of preserved olive to South Korea, with a 43% share of total imports. Moreover, preserved olive imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+26.4% per year) and the United States (+0.1% per year).

In value terms, Spain ($X) constituted the largest supplier of olives prepared or preserved to South Korea, comprising 37% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+25.9% per year) and the United States (+5.3% per year).

Import Prices by Country

In 2021, the average preserved olive import price amounted to $X per ton, surging by 9.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 16% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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