According to statistics from the International Trade Commission, in the first 8 months of 2023, South Korea imported 3.26 thousand tons of pepper, worth 15.64 million USD, down 45.5% in volume and 45.8% in value compared to the same period last year.
Vietnam is the largest pepper supplier to the Korean market. |
In August 2023 alone, South Korea imported 681 tons of pepper, worth nearly 3 million USD, up 1.1% in volume, but down 0.9% in value compared to July 2023, up 80.6% in volume and 51.6% in value compared to August 2022.
In August 2023, the average import price of pepper into Korea reached 4,390 USD/ton, down 2% compared to July 2023 and down 16% compared to August 2022.
In the first 8 months of 2023, the average import price of pepper into Korea reached 4,795 USD/ton, down 0.5% over the same period last year.
Of which, the average import price of pepper of Korea decreased from most major sources, except the United States.
The five markets supplying pepper to the Korean market in the first 8 months of 2023 include Vietnam, Malaysia, Cambodia, India, and the United States.
5 markets supplying pepper to Korea in the first 8 months of 2023 and Vietnam's market share. Source: International Trade Commission |
In the first 8 months of 2023, Korea imported pepper mainly from Vietnam, with a volume of approximately 2.97 thousand tons, worth 13.33 million USD, down 44.6% in volume and 46.4% in value compared to the same period last year.
Vietnam's pepper market share in total imports of South Korea increased from 89.51% in the first 8 months of 2022 to 91.01% in the first 8 months of 2023.
Similarly, in the first 8 months of 2023, South Korea reduced pepper imports from Malaysia, down 22.8% in volume and 30% in value compared to the same period last year, reaching 237 tons, worth approximately 1.34 million USD.
Malaysia's pepper market share in South Korea's total imports increased from 5.12% in the first 8 months of 2022 to 7.26% in the first 8 months of 2023.
In contrast, South Korea increased pepper imports from the Cambodian and Indian markets in the first 8 months of 2023.
Accordingly, South Korea increased pepper imports from the Cambodian market by 2,107.6% in volume and 433.3% in value in the first 8 months of 2023. As for the Indian market, these figures were 57.7% and 40.5% respectively.
However, the import volume from these markets is low. Currently, Cambodia's pepper market share is 0.5% of Korea's total import volume. This figure for the Indian market is 0.3% and the US is 0.2%.
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