Republic of Korea: Potassium Chloride (Mop) Market 2024

Potassium Chloride (Mop) Market Size in Republic of Korea

The South Korean potassium chloride (MOP) market soared to $X in 2022, picking up by 54% against the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.8% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Potassium Chloride (Mop) Production in Republic of Korea

In value terms, potassium chloride (MOP) production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 32% against the previous year. Potassium chloride (MOP) production peaked at $X in 2021, and then contracted in the following year.

Potassium Chloride (Mop) Exports

Exports from Republic of Korea

In 2022, approx. X tons of potassium chloride (MOP) were exported from South Korea; picking up by 7.5% against the previous year's figure. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 30,033% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, potassium chloride (MOP) exports surged to $X in 2022. Overall, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 16,402% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for potassium chloride (MOP) exports from South Korea, accounting for a 95% share of total exports. Moreover, potassium chloride (MOP) exports to Australia exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Australia stood at +608.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-16.0% per year) and China (-28.7% per year).

In value terms, Australia ($X) remains the key foreign market for potassium chloride (MOP) exports from South Korea, comprising 99% of total exports. The second position in the ranking was held by Japan ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia amounted to +512.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-26.9% per year) and China (-35.5% per year).

Export Prices by Country

The average potassium chloride (MOP) export price stood at $X per ton in 2022, growing by 69% against the previous year. In general, the export price enjoyed a notable increase. The growth pace was the most rapid in 2019 an increase of 246% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average 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 Australia ($X per ton), while the average price for exports to Japan ($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 China (-9.5%), while the prices for the other major destinations experienced a decline.

Potassium Chloride (Mop) Imports

Imports into Republic of Korea

For the seventh year in a row, South Korea recorded growth in supplies from abroad of potassium chloride (MOP), which increased by 91% to X tons in 2022. In general, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, potassium chloride (MOP) imports surged to $X in 2022. Overall, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of potassium chloride (MOP) to South Korea, with a 89% share of total imports. Moreover, potassium chloride (MOP) imports from Canada exceeded the figures recorded by the second-largest supplier, Israel (X tons), more than tenfold. Lao People's Democratic Republic (X tons) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (+52.6% per year) and Lao People's Democratic Republic (+23.2% per year).

In value terms, Canada ($X) constituted the largest supplier of potassium chloride (MOP) to South Korea, comprising 75% of total imports. The second position in the ranking was taken by Israel ($X), with a 15% share of total imports. It was followed by Lao People's Democratic Republic, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Canada totaled +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (+57.8% per year) and Lao People's Democratic Republic (+31.2% per year).

Import Prices by Country

In 2022, the average potassium chloride (MOP) import price amounted to $X per ton, surging by 8.7% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2019 an increase of 9.7%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Israel ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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