Republic of Korea: Nitrates Market 2025

Nitrates Market Size in Republic of Korea

The South Korean nitrates market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption continues to indicate a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Nitrates Production in Republic of Korea

In value terms, nitrates production soared to $X in 2021 estimated in export price. Over the period under review, production recorded a prominent increase. The growth pace was the most rapid in 2017 when the production volume increased by 151%. Nitrates production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Nitrates Exports

Exports from Republic of Korea

In 2021, overseas shipments of nitrates (excluding those of potassium) increased by 103% to X tons, rising for the fourth year in a row after two years of decline. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by 255% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, nitrates exports soared to $X in 2021. Overall, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 144% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Germany (X tons) was the main destination for nitrates exports from South Korea, with a 47% share of total exports. Moreover, nitrates exports to Germany exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to +98.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+75.5% per year) and Taiwan (Chinese) (+60.6% per year).

In value terms, Germany ($X) remains the key foreign market for nitrates (excluding those of potassium) exports from South Korea, comprising 56% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 23% share of total exports. It was followed by Uzbekistan, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +103.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+53.8% per year) and Uzbekistan (+51.3% per year).

Export Prices by Country

In 2021, the average nitrates export price amounted to $X per ton, reducing by -15.8% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 67%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

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 Uzbekistan ($X per ton), while the average price for exports to Myanmar ($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 Japan (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrates Imports

Imports into Republic of Korea

In 2021, approx. X tons of nitrates (excluding those of potassium) were imported into South Korea; increasing by 28% on 2020 figures. In general, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.9% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitrates imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.4% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of nitrates to South Korea, with a 72% share of total imports. Moreover, nitrates imports from China exceeded the figures recorded by the second-largest supplier, Norway (X tons), fivefold. The third position in this ranking was held by Spain (X tons), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+5.2% per year) and Spain (+9.8% per year).

In value terms, China ($X) constituted the largest supplier of nitrates (excluding those of potassium) to South Korea, comprising 62% of total imports. The second position in the ranking was taken by Spain ($X), with a 12% share of total imports. It was followed by Japan, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+10.7% per year) and Japan (-3.1% per year).

Import Prices by Country

In 2021, the average nitrates import price amounted to $X per ton, rising by 6.9% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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