Republic of Korea: Lime Market 2024

Lime Market Size in Republic of Korea

In 2021, the South Korean lime market decreased by -5.9% to $X, falling for the second consecutive year after four years of growth. Over the period under review, consumption showed a noticeable reduction. Lime consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lime Exports

Exports from Republic of Korea

In 2021, shipments abroad of quicklime, slaked lime and hydraulic lime increased by 4.6% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, continue to indicate a abrupt descent. The growth pace was the most rapid in 2015 when exports increased by 115%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, lime exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 64% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for lime exports from South Korea, with a 69% share of total exports. Moreover, lime exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+2.6% per year) and Japan (+50.7% per year).

In value terms, China ($X) remains the key foreign market for quicklime, slaked lime and hydraulic lime exports from South Korea, comprising 61% of total exports. The second position in the ranking was held by Vietnam ($X), with a 30% share of total exports. It was followed by Japan, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value to China stood at -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+21.1% per year) and Japan (+23.3% per year).

Export Prices by Country

In 2021, the average lime export price amounted to $X per ton, with an increase of 21% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lime export price increased by +83.7% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 25%. The export price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($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 (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lime Imports

Imports into Republic of Korea

In 2021, supplies from abroad of quicklime, slaked lime and hydraulic lime decreased by -9.8% to X tons, falling for the second consecutive year after three years of growth. Overall, imports saw a abrupt downturn. The growth pace was the most rapid in 2018 with an increase of 42%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, lime imports shrank to $X in 2021. Over the period under review, imports recorded a pronounced slump. The most prominent rate of growth was recorded in 2018 with an increase of 31%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam (X tons), Thailand (X tons) and Malaysia (X tons) were the main suppliers of lime imports to South Korea, with a combined 50% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +62.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest lime suppliers to South Korea were Vietnam ($X), Thailand ($X) and Malaysia ($X), together accounting for 47% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +65.6%, saw 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 trend patterns.

Import Prices by Country

In 2021, the average lime import price amounted to $X per ton, with an increase of 5.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2016 when the average import price increased by 25% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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