Republic of Korea: Urea Market 2024

Urea Market Size in Republic of Korea

In 2022, the South Korean urea market increased by 46% to $X, rising for the second year in a row after two years of decline. In general, consumption showed resilient growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Urea Production in Republic of Korea

In value terms, urea production reduced to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 9.7%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Urea Exports

Exports from Republic of Korea

In 2022, approx. X tons of urea were exported from South Korea; surging by 10% on 2021. Over the period under review, exports saw buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 205%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, urea exports skyrocketed to $X in 2022. Overall, exports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 161%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

Japan (X tons) was the main destination for urea exports from South Korea, accounting for a 88% share of total exports. Moreover, urea exports to Japan exceeded the volume sent to the second major destination, Singapore (X tons), more than tenfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+25.8% per year) and Taiwan (Chinese) (+44.6% per year).

In value terms, Japan ($X) remains the key foreign market for urea exports from South Korea, comprising 89% of total exports. The second position in the ranking was taken by Singapore ($X), with a 4.2% share of total exports. It was followed by Taiwan (Chinese), with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+32.3% per year) and Taiwan (Chinese) (+46.4% per year).

Export Prices by Country

The average urea export price stood at $X per ton in 2022, increasing by 95% against the previous year. Overall, the export price recorded prominent growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to the United States ($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 New Zealand (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Urea Imports

Imports into Republic of Korea

For the fourth year in a row, South Korea recorded growth in supplies from abroad of urea, which increased by 5.5% to X tons in 2022. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 with an increase of 12% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, urea imports skyrocketed to $X in 2022. Over the period under review, imports showed a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 78%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

China (X tons), Qatar (X tons) and Indonesia (X tons) were the main suppliers of urea imports to South Korea, with a combined 74% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +30.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Qatar ($X) and Indonesia ($X) appeared to be the largest urea suppliers to South Korea, together accounting for 73% of total imports.

Among the main suppliers, Indonesia, with a CAGR of +38.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average urea import price stood at $X per ton in 2022, jumping by 57% against the previous year. Overall, the import price showed prominent growth. The growth pace was the most rapid in 2021 an increase of 65% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :