Republic of Korea: Silver Nitrate Market 2024

Silver Nitrate Market Size in Republic of Korea

The South Korean silver nitrate market shrank modestly to $X in 2021, declining by -3.3% against the previous year. Overall, consumption, however, saw prominent growth. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Silver Nitrate Production in Republic of Korea

In value terms, silver nitrate production totaled $X in 2021 estimated in export price. Overall, production recorded a slight reduction. The pace of growth appeared the most rapid in 2013 with an increase of 38%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Silver Nitrate Exports

Exports from Republic of Korea

Silver nitrate exports from South Korea skyrocketed to X tons in 2021, increasing by 116% compared with the previous year. Over the period under review, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 283% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silver nitrate exports soared to $X in 2021. Overall, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 220% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for silver nitrate exports from South Korea, with a 61% share of total exports. Moreover, silver nitrate exports to Vietnam exceeded the volume sent to the second major destination, the United States (X kg), threefold. The third position in this ranking was held by Israel (X kg), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+46.9% per year) and Israel (+55.5% per year).

In value terms, Vietnam ($X) remains the key foreign market for silver nitrate exports from South Korea, comprising 61% of total exports. The second position in the ranking was taken by the United States ($X), with a 27% share of total exports. It was followed by Taiwan (Chinese), with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+49.6% per year) and Taiwan (Chinese) (+17.6% per year).

Export Prices by Country

In 2021, the average silver nitrate export price amounted to $X per ton, which is down by -21.8% against the previous year. In general, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2013 when the average export price increased by 55%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the Philippines ($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 the United States (+1.8%), while the prices for the other major destinations experienced a decline.

Silver Nitrate Imports

Imports into Republic of Korea

Silver nitrate imports into South Korea skyrocketed to X tons in 2021, increasing by 59% compared with 2020. Overall, total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silver nitrate imports skyrocketed to $X in 2021. Over the period under review, imports recorded a pronounced expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of silver nitrate to South Korea, with a 60% share of total imports. Moreover, silver nitrate imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold. The United States (X kg) ranked third in terms of total imports with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+20.0% per year) and the United States (-10.9% per year).

In value terms, the largest silver nitrate suppliers to South Korea were Japan ($X), the United States ($X) and Germany ($X), together accounting for 97% of total imports.

Among the main suppliers, Germany, with a CAGR of +27.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average silver nitrate import price stood at $X per ton in 2021, with an increase of 32% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a 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 the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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