Republic of Korea: Herbicide Market 2024

Herbicide Market Size in Republic of Korea

The South Korean herbicide market rose slightly to $X in 2022, with an increase of X% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Herbicide Production in Republic of Korea

In value terms, herbicide production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Herbicide production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

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Herbicide Exports

Exports from Republic of Korea

For the fourth consecutive year, South Korea recorded growth in overseas shipments of herbicides, which increased by X% to X tons in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, herbicide exports totaled $X in 2022. In general, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for herbicide exports from South Korea, with a X% share of total exports. Moreover, herbicide exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Vietnam (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Vietnam (X% per year).

In value terms, Japan ($X), Australia ($X) and the United States ($X) constituted the largest markets for herbicide exported from South Korea worldwide, with a combined X% share of total exports.

Among the main countries of destination, Australia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average herbicide export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, herbicide export price increased by X% against 2017 indices. The pace of growth was the most pronounced in 2020 an increase of X%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

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

Herbicide Imports

Imports into Republic of Korea

Herbicide imports into South Korea surged to X tons in 2022, picking up by X% against the previous year. Over the period under review, imports posted noticeable growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, herbicide imports surged to $X in 2022. In general, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of herbicide to South Korea, with a X% share of total imports. Moreover, herbicide imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by India (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

In value terms, China ($X), the United States ($X) and India ($X) appeared to be the largest herbicide suppliers to South Korea, together accounting for X% of total imports.

In terms of the main suppliers, India, with a CAGR of X%, 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

In 2022, the average herbicide import price amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

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

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

Source: IndexBox Platform

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