Eastern Asia: Salt Market 2024

Salt Market Size in Eastern Asia

After three years of growth, the East Asian salt market decreased by -1.9% to $X in 2022. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then declined in the following year.

Salt Production in Eastern Asia

In value terms, salt production fell modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 11%. As a result, production attained the peak level of $X, and then declined in the following year.

Salt Exports

Exports in Eastern Asia

In 2022, the amount of salt and pure sodium chloride exported in Eastern Asia reduced to X tons, waning by -9.5% on the previous year's figure. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 28% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, salt exports dropped slightly to $X in 2022. Total exports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 44%. As a result, the exports attained the peak of $X, and then dropped slightly in the following year.

Exports by Country

China prevails in exports structure, amounting to X tons, which was approx. 95% of total exports in 2022. Taiwan (Chinese) (X tons) took a relatively small share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of salt and pure sodium chloride. At the same time, Taiwan (Chinese) (+12.0%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +12.0% from 2012-2022. While the share of Taiwan (Chinese) (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-2.6 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest salt supplier in Eastern Asia, comprising 88% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 2.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China totaled +3.9%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 6.6% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt export price increased by +61.7% against 2015 indices. The pace of growth was the most pronounced in 2020 when the export price increased by 23%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.4%).

Salt Imports

Imports in Eastern Asia

In 2022, purchases abroad of salt and pure sodium chloride increased by 5.3% to X tons, rising for the second year in a row after four years of decline. Overall, imports, however, showed a noticeable slump. The pace of growth was the most pronounced in 2016 with an increase of 23% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, salt imports skyrocketed to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2013; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Japan (X tons) was the major importer of salt and pure sodium chloride, comprising 63% of total imports. South Korea (X tons) held a 26% share (based on physical terms) of total imports, which put it in second place, followed by China (6.3%). Taiwan (Chinese) (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to salt imports into Japan stood at -1.5%. At the same time, China (+2.8%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +2.8% from 2012-2022. By contrast, South Korea (-1.3%) and Taiwan (Chinese) (-18.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan, South Korea and China increased by +11, +4.9 and +2.9 percentage points, respectively.

In value terms, the largest salt importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for 97% of total imports.

In terms of the main importing countries, China, with a CAGR of +8.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 45% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt import price increased by +53.8% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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