Republic of Korea: Ammonium Nitrate Market 2024

Ammonium Nitrate Market Size in Republic of Korea

In 2021, the South Korean ammonium nitrate market increased by 98% to $X, rising for the second consecutive year after seven years of decline. Overall, consumption, however, faced a deep contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Ammonium Nitrate Production in Republic of Korea

In value terms, ammonium nitrate production rose to $X in 2021 estimated in export price. Overall, production saw a noticeable decrease. The growth pace was the most rapid in 2014 when the production volume increased by 5.8% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Ammonium Nitrate Exports

Exports from Republic of Korea

In 2021, overseas shipments of ammonium nitrate decreased by -16.5% to X tons, falling for the second consecutive year after eight years of growth. Overall, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 29%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, ammonium nitrate exports totaled $X in 2021. In general, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 31%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Japan (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of ammonium nitrate exports from South Korea, with a combined 41% share of total exports. Taiwan (Chinese), the Philippines, Mozambique, Vietnam, India, the United Arab Emirates, Pakistan and Mexico lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mozambique (with a CAGR of +98.8%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Malaysia ($X) and Taiwan (Chinese) ($X) were the largest markets for ammonium nitrate exported from South Korea worldwide, together accounting for 45% of total exports. These countries were followed by Indonesia, the Philippines, Mozambique, Vietnam, the United Arab Emirates, India, Pakistan and Mexico, which together accounted for a further 44%.

Mozambique, with a CAGR of +94.1%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ammonium nitrate export price amounted to $X per ton, with an increase of 27% against the previous year. Overall, the export price, however, showed a slight decrease. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Mexico ($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 Pakistan (-0.3%), while the prices for the other major destinations experienced a decline.

Ammonium Nitrate Imports

Imports into Republic of Korea

In 2021, supplies from abroad of ammonium nitrate increased by 19% to X tons, rising for the third consecutive year after six years of decline. Over the period under review, imports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 4,160% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, ammonium nitrate imports surged to $X in 2021. Overall, imports, however, faced a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 5,091% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) was the main supplier of ammonium nitrate to South Korea, accounting for a 95% share of total imports. Moreover, ammonium nitrate imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Oman (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Saudi Arabia amounted to -13.5%.

In value terms, Saudi Arabia ($X) constituted the largest supplier of ammonium nitrate to South Korea, comprising 96% of total imports. The second position in the ranking was held by Oman ($X), with a 3.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia stood at -15.6%.

Import Prices by Country

The average ammonium nitrate import price stood at $X per ton in 2021, with an increase of 22% against the previous year. Over the period under review, the import price, however, showed a pronounced curtailment. The growth pace was the most rapid in 2020 when the average import price increased by 22%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Oman amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.4%).

Source: IndexBox Platform

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