Republic of Korea: Nitrites Market 2024

Nitrites Market Size in Republic of Korea

The South Korean nitrites market soared to $X in 2021, increasing by 45% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +4.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Nitrites Exports

Exports from Republic of Korea

In 2021, approx. X tons of nitrites were exported from South Korea; jumping by 75% on 2020 figures. In general, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 158% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, nitrites exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 100%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for nitrites exports from South Korea, accounting for a 87% share of total exports. Moreover, nitrites exports to Malaysia exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia amounted to -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-10.4% per year) and China (+10.6% per year).

In value terms, Malaysia ($X) remains the key foreign market for nitrites exports from South Korea, comprising 79% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-9.9% per year) and China (+10.4% per year).

Export Prices by Country

The average nitrites export price stood at $X per ton in 2021, growing by 12% against the previous year. Overall, the export price, however, showed a pronounced setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by 17% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($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 India (+43.5%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrites Imports

Imports into Republic of Korea

In 2021, the amount of nitrites imported into South Korea skyrocketed to X tons, jumping by 25% on 2020. The total import volume increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, nitrites imports skyrocketed to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 nitrites supplier to South Korea, accounting for a 73% share of total imports. Moreover, nitrites imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.6% per year) and India (+43.6% per year).

In value terms, China ($X) constituted the largest supplier of nitrites to South Korea, comprising 72% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.3% per year) and India (+45.0% per year).

Import Prices by Country

The average nitrites import price stood at $X per ton in 2021, jumping by 26% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 28% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($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 (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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