Republic of Korea: Articles Of Peat Market 2024

Articles Of Peat Market Size in Republic of Korea

The South Korean articles of peat market expanded modestly to $X in 2022, picking up by 2.7% against the previous year. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.6% against 2020 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Articles Of Peat Production in Republic of Korea

In value terms, articles of peat production stood at $X in 2022 estimated in export price. Over the period under review, production saw a noticeable increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 73% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Articles Of Peat Exports

Exports from Republic of Korea

In 2022, the amount of articles of peat exported from South Korea skyrocketed to X tons, growing by 110% against the year before. In general, exports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2014 with an increase of 340% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, articles of peat exports surged to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 211%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for articles of peat exports from South Korea, with a 71% share of total exports. Moreover, articles of peat exports to Japan exceeded the volume sent to the second major destination, Singapore (X kg), sixfold. The UK (X kg) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-14.0% per year) and the UK (+9.0% per year).

In value terms, the UK ($X), Japan ($X) and Egypt ($X) appeared to be the largest markets for articles of peat exported from South Korea worldwide, with a combined 73% share of total exports. Singapore, Saudi Arabia, the United Arab Emirates and the United States lagged somewhat behind, together comprising a further 22%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of -4.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average articles of peat export price amounted to $X per ton, with an increase of 10% against the previous year. In general, the export price, however, showed a perceptible slump. The pace of growth appeared the most rapid in 2016 when the average export price increased by 72%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Japan ($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 the United Arab Emirates (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Articles Of Peat Imports

Imports into Republic of Korea

After three years of growth, purchases abroad of articles of peat decreased by -28% to X tons in 2022. Over the period under review, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 184% against the previous year. Imports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, articles of peat imports dropped remarkably to $X in 2022. Overall, imports, however, showed significant growth. The growth pace was the most rapid in 2017 with an increase of 291%. Over the period under review, imports hit record highs at $X in 2021, and then declined notably in the following year.

Imports by Country

Denmark (X tons), Norway (X tons) and the United States (X tons) were the main suppliers of articles of peat imports to South Korea, together accounting for 63% of total imports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +39.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest articles of peat suppliers to South Korea were Norway ($X), Denmark ($X) and Japan ($X), with a combined 72% share of total imports.

Norway, with a CAGR of +51.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average articles of peat import price stood at $X per ton in 2022, rising by 7% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, articles of peat import price decreased by -34.3% against 2017 indices. The pace of growth was the most pronounced in 2017 an increase of 170%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the Netherlands ($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 (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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