Republic of Korea: Lime Market 2025

Lime Market Size in Republic of Korea

After two years of growth, the South Korean lime market decreased by -3.4% to $X in 2021. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2020, and then reduced slightly in the following year.

Lime Production in Republic of Korea

In value terms, lime production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when the production volume increased by 21% against the previous year. Lime production peaked at $X in 2020, and then fell slightly in the following year.

Lime Exports

Exports from Republic of Korea

In 2021, exports of lime from South Korea declined to X tons, with a decrease of -10.3% on the previous year's figure. Overall, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 144%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, lime exports fell to $X in 2021. Over the period under review, exports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 161% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for lime exports from South Korea, with a 84% share of total exports. Moreover, lime exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+20.4% per year) and Indonesia (-20.4% per year).

In value terms, China ($X) remains the key foreign market for lime exports from South Korea, comprising 65% of total exports. The second position in the ranking was held by Vietnam ($X), with a 31% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled -3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+38.1% per year) and Indonesia (-28.4% per year).

Export Prices by Country

In 2021, the average lime export price amounted to $X per ton, reducing by -1.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2019 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then declined in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Indonesia ($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 (+14.6%), while the prices for the other major destinations experienced mixed trend patterns.

Lime Imports

Imports into Republic of Korea

In 2021, purchases abroad of lime decreased by -7.5% to X tons, falling for the second year in a row after three years of growth. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 40%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, lime imports fell to $X in 2021. In general, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of lime to South Korea, with a 40% share of total imports. Moreover, lime imports from Vietnam exceeded the figures recorded by the second-largest supplier, Thailand (X tons), twofold. The third position in this ranking was held by Malaysia (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam totaled -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+104.1% per year) and Malaysia (+321.4% per year).

In value terms, Vietnam ($X), China ($X) and Thailand ($X) constituted the largest lime suppliers to South Korea, with a combined 68% share of total imports. Malaysia, Oman and Japan lagged somewhat behind, together comprising a further 25%.

In terms of the main suppliers, Oman, with a CAGR of +325.8%, 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 more modest paces of growth.

Import Prices by Country

The average lime import price stood at $X per ton in 2021, surging by 2.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 24% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

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 Japan ($X per ton), while the price for Oman ($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 (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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