Republic of Korea: Plum And Sloe Market 2024

Plum And Sloe Market Size in Republic of Korea

The South Korean plum and sloe market rose sharply to $X in 2022, picking up by 11% against the previous year. Overall, consumption, however, saw buoyant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Plum And Sloe Production in Republic of Korea

In value terms, plum and sloe production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 124% against the previous year. Plum and sloe production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average yield of plums and sloes in South Korea dropped to X tons per ha, with a decrease of -4.9% against the year before. In general, the yield saw a perceptible setback. The most prominent rate of growth was recorded in 2014 with an increase of 42% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2015 to 2022, the growth of the average plum and sloe yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of plums and sloes in South Korea reached X ha, with an increase of 4.9% against 2021 figures. The harvested area increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 19%. Over the period under review, the harvested area dedicated to plum and sloe production reached the maximum at X ha in 2017; however, from 2018 to 2022, the harvested area stood at a somewhat lower figure.

Plum And Sloe Exports

Exports from Republic of Korea

In 2022, the amount of plums and sloes exported from South Korea contracted sharply to X tons, with a decrease of -16.6% compared with 2021 figures. In general, exports recorded a sharp decrease. The growth pace was the most rapid in 2014 with an increase of 389%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plum and sloe exports stood at $X in 2022. Over the period under review, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 468%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X kg), the UK (X kg) and Indonesia (X kg) were the main destinations of plum and sloe exports from South Korea, together comprising 62% of total exports. Singapore, Malaysia, the Philippines and Guam lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +15.6%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Hong Kong SAR ($X) remains the key foreign market for plums and sloes exports from South Korea, comprising 32% of total exports. The second position in the ranking was held by Singapore ($X), with a 15% share of total exports. It was followed by the UK, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-7.4% per year) and the UK (+5.4% per year).

Export Prices by Country

The average plum and sloe export price stood at $X per ton in 2022, growing by 26% against the previous year. Overall, the export price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 112% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Guam ($X per ton), while the average price for exports to Indonesia ($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 Guam (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Plum And Sloe Imports

Imports into Republic of Korea

In 2022, plum and sloe imports into South Korea rose modestly to X tons, surging by 1.8% on 2021. In general, imports, however, continue to indicate a slight decline. The most prominent rate of growth was recorded in 2019 when imports increased by 406% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, plum and sloe imports dropped slightly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 715% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, the United States (X tons) was the main plum and sloe supplier to South Korea, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to -1.8%.

In value terms, the United States ($X) constituted the largest supplier of plums and sloes to South Korea.

From 2012 to 2022, the average annual growth rate of value from the United States was relatively modest.

Import Prices by Country

The average plum and sloe import price stood at $X per ton in 2022, which is down by -2.2% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plum and sloe import price increased by +71.3% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 61%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then reduced slightly in the following year.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Chile amounted to +62.8% per year.

Source: IndexBox Platform

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