What is the price of palm oil per kilogram/pound in South Korea today?
The retail price range for South Korea palm oil is between US$ 1.48 and US$ 5.11 per kilogram or between US$ 0.67 and US$ 2.32 per pound(lb). Click here to see today's exact prices of palm oil in South Korea
The retail price range in South Korean won for palm oil is between KRW 1,973.16 and KRW 6,815.20 per kilogram or between KRW 894.86 and KRW 3,090.79 per pound(lb) in Seoul and Busan.
Wholesale prices
In 2024, the approximate wholesale price range for South Korea palm oil is between US$ 1.04 and US$ 3.58 per kilogram or between US$ 0.47 and US$ 1.62 per pound(lb).
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South Korea Palm Oil Export Prices - Historical, Trends and Prediction
The export price per kilogram of Palm Oil from South Korea over the last five years has been quite volatile. In 2017, the price was 3.57 US$ per kg, which dropped to 2.50 US$ per kg in 2016. However, the price rose again in 2018 to 8.68 US$ per kg and further increased to 8.30 US$ per kg in 2019. The highest price was recorded in 2021, when it reached 20.64 US$ per kg. The most recent price in 2022 was 17.60 US$ per kg. Based on this data, it is predicted that the export price per kilogram of Palm Oil from South Korea in 2023 will be around 24.00 US$ per kg and in 2024 it will be around 28.00 US$ per kg.The exports of palm oil from South Korea are classified as:
- Palm oil and its fractions, whether or not refined (excluding chemically modified and crude) (HS code 151190)
- Palm kernel and babassu oil and their fractions, whether or not refined, but not chemically modified (excluding crude) (HS code 151329)
- Crude palm oil (HS code 151110)
- Crude palm kernel and babassu oil (HS code 151321)
South Korea Palm Oil Import Prices - Historical, Trends and Prediction
The import price per kilogram of Palm Oil into South Korea has seen a significant increase over the last five years. In 2016, the price was 2.50 US dollars per kg, and by 2021, it had risen to 20.64 US dollars per kg. This represents an increase of 8.14 US dollars per kg, or a staggering 325% increase. The highest price was recorded in 2021, at 20.64 US dollars per kg, while the lowest price was recorded in 2015, at 1.64 US dollars per kg. The current price in 2022 is 17.60 US dollars per kg. Looking ahead, it is likely that the price of Palm Oil will continue to increase in the coming years. Based on the data, we can predict that the price of Palm Oil in 2023 will be around 24.76 US dollars per kg, and in 2024, it will be around 28.88 US dollars per kg.Export values for South Korea palm oil
The total values in export for palm oil in South Korea were US$ 85, US$ 50, US$ 382 and US$ 382 in US dollar thousand for the years 2016, 2017, 2018 and 2019 in that order.
Prices of other produce in the Processed category in South Korea: Milk & Cream, Yogurt, Kefir & Buttermilk, Whey, Butter, Cheese, Natural Honey, Coffee, Green Tea & Black Tea.
See prices of palm oil in other countries across Asia: Kazakhstan palm oil, Kyrgyzstan palm oil, Tajikistan palm oil, Turkmenistan palm oil, Uzbekistan palm oil, China palm oil, Hong Kong palm oil, Macao palm oil, North Korea palm oil & Mongolia palm oil.
South Korea palm oil - Production, Exports, Imports, Seasons and HS Codes
The quantity of palm oil sold by South Korea in 2020 was 16 metric tons. In 2019 South Korea sold 46 tonnes of palm oil. For the year 2019 alone, the demand for South Korea palm oil (processed category) has climbed, recording a change of 4.545 % compared to the year 2018. Between 2017 and 2019, palm oil's exports went up by 228.57 pc earning the country US$0.38m for the year 2019. South Korea's palm oil exports are categorised as:
- Palm kernel and babassu oil and their fractions, whether or not refined, but not chemically modified (excluding crude) (HS code 151329)
- Crude palm oil (HS code 151110)
- Crude palm kernel and babassu oil (HS code 151321)
- Palm oil and its fractions, whether or not refined (excluding chemically modified and crude) (HS code 151190)
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South Korea palm oil export values
In 2019, South Korea exported palm oil worth 0.38m USD, a drop of -0.52% from 2018's total palm oil export of 0.382m USD. The annual change in value of South Korea palm oil between 2017 to 2018 was 664%.
The yearly variation in the quantity of South Korea's palm oil exports between 2017 and 2019 was 228.57% when compared to a variation of 4.545% in the growth rate between 2018 and 2019.
South Korea's portion of the world's total palm oil's exports in 2019 was less than 1%. The country is ranked number 55 in world exports of palm oil.
Export markets for South Korea palm oil ( in '000$ )
South Korea's top export markets for palm oil are India, Vietnam, US, Denmark and Malaysia.
South Korea purchased 652,148 tonnes of palm oil in 2019.