Republic of Korea: M-Xylene And Xylenes Market 2024

M-Xylene And Xylenes Market Size in Republic of Korea

The South Korean m-xylene and xylenes market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption recorded a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

M-Xylene And Xylenes Production in Republic of Korea

In value terms, m-xylene and xylenes production totaled less than $X in 2022 estimated in export price. Overall, production showed a sharp descent. The pace of growth appeared the most rapid in 2013 with a decrease of -19.2%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

M-Xylene And Xylenes Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of m-xylene and mixed xylene isomers decreased by -58.4% to X tons in 2022. Overall, exports recorded a dramatic contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 124%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, m-xylene and xylenes exports reduced notably to $X in 2022. In general, exports showed a precipitous setback. The most prominent rate of growth was recorded in 2021 with an increase of 159% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for m-xylene and xylenes exports from South Korea, with a 92% share of total exports. Moreover, m-xylene and xylenes exports to China exceeded the volume sent to the second major destination, Uzbekistan (X tons), more than tenfold. The third position in this ranking was held by Pakistan (X tons), with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -25.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+14.5% per year) and Pakistan (-29.8% per year).

In value terms, China ($X) remains the key foreign market for m-xylene and mixed xylene isomers exports from South Korea, comprising 91% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a 4.3% share of total exports. It was followed by Pakistan, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to -26.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+13.9% per year) and Pakistan (-32.1% per year).

Export Prices by Country

The average m-xylene and xylenes export price stood at $X per ton in 2022, growing by 8.3% against the previous year. In general, the export price, however, recorded a mild decline. The most prominent rate of growth was recorded in 2021 when the average export price increased by 38%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Pakistan ($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 Japan (+27.5%), while the prices for the other major destinations experienced more modest paces of growth.

M-Xylene And Xylenes Imports

Imports into Republic of Korea

For the fifth year in a row, South Korea recorded decline in supplies from abroad of m-xylene and mixed xylene isomers, which decreased by -32.3% to X tons in 2022. Over the period under review, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2014 when imports increased by 893%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, m-xylene and xylenes imports declined significantly to $X in 2022. Overall, imports, however, posted a prominent increase. The growth pace was the most rapid in 2014 when imports increased by 739%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of m-xylene and xylenes to South Korea, accounting for a 80% share of total imports. Moreover, m-xylene and xylenes imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+46.9% per year) and Taiwan (Chinese) (-88.1% per year).

In value terms, the United States ($X) constituted the largest supplier of m-xylene and mixed xylene isomers to South Korea, comprising 75% of total imports. The second position in the ranking was held by Japan ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+36.9% per year) and Taiwan (Chinese) (-81.8% per year).

Import Prices by Country

The average m-xylene and xylenes import price stood at $X per ton in 2022, with an increase of 7.9% against the previous year. Overall, the import price, however, recorded a slight reduction. The pace of growth was the most pronounced in 2020 an increase of 26% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+53.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :