Republic of Korea: Sulphur Market 2024

Sulphur Market Size in Republic of Korea

After four years of decline, the South Korean sulphur market increased by 2% to $X in 2022. Over the period under review, consumption, however, recorded strong growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Sulphur Production in Republic of Korea

In value terms, sulphur production stood at $X in 2022 estimated in export price. Overall, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 39% against the previous year. Sulphur production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Sulphur Exports

Exports from Republic of Korea

In 2022, exports of sulphur from South Korea reached X tons, leveling off at the year before. Overall, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -0.4% against 2020 indices. The pace of growth was the most pronounced in 2016 when exports increased by 38% against the previous year. As a result, the exports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, sulphur exports declined to $X in 2022. Over the period under review, exports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2015 when exports increased by 11%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for sulphur exports from South Korea, with a 72% share of total exports. Moreover, sulphur exports to China exceeded the volume sent to the second major destination, Thailand (X tons), more than tenfold. The third position in this ranking was taken by Indonesia (X tons), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+30.4% per year) and Indonesia (+24.1% per year).

In value terms, China ($X) remains the key foreign market for sulphur exports from South Korea, comprising 65% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 4.6% share of total exports. It was followed by Thailand, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to China totaled -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-4.1% per year) and Thailand (+9.1% per year).

Export Prices by Country

The average sulphur export price stood at $X per ton in 2022, dropping by -2.1% against the previous year. Over the period under review, the export price saw a abrupt slump. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the Philippines (-5.9%), while the prices for the other major destinations experienced a decline.

Sulphur Imports

Imports into Republic of Korea

In 2022, the amount of sulphur imported into South Korea contracted to X tons, which is down by -3.9% against the previous year's figure. Over the period under review, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 52% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sulphur imports fell to $X in 2022. In general, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 68% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons) was the main supplier of sulphur to South Korea, with a 97% share of total imports. It was followed by Taiwan (Chinese) (X tons), with a 1% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled -3.7%.

In value terms, Japan ($X) constituted the largest supplier of sulphur to South Korea, comprising 95% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 0.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at -6.9%.

Import Prices by Country

In 2022, the average sulphur import price amounted to $X per ton, waning by -4.3% against the previous year. In general, the import price continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2015 when the average import price increased by 14%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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 Japan ($X per ton), while the price for Taiwan (Chinese) amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-3.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :