Republic of Korea: Articles Of Zinc Market 2024

Articles Of Zinc Market Size in Republic of Korea

The South Korean articles of zinc market declined modestly to $X in 2021, flattening at the previous year. Overall, consumption, however, saw a perceptible expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Articles Of Zinc Production in Republic of Korea

In value terms, articles of zinc production reduced slightly to $X in 2021 estimated in export price. Overall, production, however, posted tangible growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 61%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Articles Of Zinc Exports

Exports from Republic of Korea

Articles of zinc exports from South Korea fell to X tons in 2021, with a decrease of -9.9% on the previous year. In general, exports saw a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 55% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, articles of zinc exports contracted to $X in 2021. Over the period under review, exports showed a pronounced reduction. The pace of growth was the most pronounced in 2014 when exports increased by 50% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main destinations of articles of zinc exports from South Korea, together accounting for 49% of total exports. These countries were followed by Mexico, Malaysia, Bahrain, the United States, India, Libya, Vietnam and Kuwait, which together accounted for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +26.1%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for articles of zinc exports from South Korea, comprising 22% of total exports. The second position in the ranking was held by China ($X), with a 9.9% share of total exports. It was followed by Mexico, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-12.6% per year) and Mexico (+19.9% per year).

Export Prices by Country

The average articles of zinc export price stood at $X per ton in 2021, shrinking by -2.2% against the previous year. Over the period under review, the export price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 47%. The export price peaked at $X per ton in 2020, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Libya ($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 Vietnam (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Articles Of Zinc Imports

Imports into Republic of Korea

In 2021, the amount of articles of zinc imported into South Korea contracted significantly to X tons, reducing by -29.2% against the previous year. Overall, imports showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 154%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, articles of zinc imports expanded significantly to $X in 2021. In general, total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 113% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), South Africa (X tons) and Bosnia and Herzegovina (X tons) were the main suppliers of articles of zinc imports to South Korea, together accounting for 76% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bosnia and Herzegovina (with a CAGR of +19.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of articles of zinc to South Korea, comprising 49% of total imports. The second position in the ranking was taken by South Africa ($X), with an 8.7% share of total imports. It was followed by Bosnia and Herzegovina, with a 2.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+20.8% per year) and Bosnia and Herzegovina (+17.0% per year).

Import Prices by Country

In 2021, the average articles of zinc import price amounted to $X per ton, jumping by 57% against the previous year. Overall, the import price showed a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+43.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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