Republic of Korea: Diammonium Phosphate Market 2024

Diammonium Phosphate Market Size in Republic of Korea

The South Korean diammonium phosphate market was estimated at $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Diammonium Phosphate Production in Republic of Korea

In value terms, diammonium phosphate production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible decrease. The growth pace was the most rapid in 2014 when the production volume increased by 70%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Diammonium Phosphate Exports

Exports from Republic of Korea

In 2022, shipments abroad of diammonium phosphate decreased by -18.3% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 134%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, diammonium phosphate exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 when exports increased by 81% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for diammonium phosphate exports from South Korea, with a 88% share of total exports. Moreover, diammonium phosphate exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+49.2% per year) and Fiji (0.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for diammonium phosphate exports from South Korea, comprising 87% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+49.4% per year) and Fiji (0.0% per year).

Export Prices by Country

The average diammonium phosphate export price stood at $X per ton in 2022, rising by 56% against the previous year. In general, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, diammonium phosphate export price increased by +92.6% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Vietnam ($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 Vietnam (+1.1%).

Diammonium Phosphate Imports

Imports into Republic of Korea

In 2022, approx. X tons of diammonium phosphate were imported into South Korea; with an increase of 14% compared with the year before. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -14.5% against 2017 indices. The growth pace was the most rapid in 2014 when imports increased by 95%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, diammonium phosphate imports surged to $X in 2022. Over the period under review, imports saw a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main diammonium phosphate supplier to South Korea, with a 91% share of total imports. Moreover, diammonium phosphate imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +35.6%.

In value terms, China ($X) constituted the largest supplier of diammonium phosphate to South Korea, comprising 82% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 7.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +41.5%.

Import Prices by Country

The average diammonium phosphate import price stood at $X per ton in 2022, rising by 69% against the previous year. Over the period under review, the import price saw a pronounced increase. The most prominent rate of growth was recorded in 2021 an increase of 79%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.3%).

Source: IndexBox Platform

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