Republic of Korea: Salt Market Overview 2020

Salt Market Size in Republic of Korea

The revenue of the salt market in South Korea amounted to $X in 2018, coming down by -X% against the previous year. Overall, salt consumption continues to indicate a drastic shrinkage. The growth pace was the most rapid in 2012 when the market value increased by X% against the previous year. Salt consumption peaked at $X in 2010; however, from 2011 to 2018, consumption failed to regain its momentum.

Salt Production in Republic of Korea

In value terms, salt production amounted to $X in 2018 estimated in export prices. Over the period under review, salt production continues to indicate a drastic drop. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. Salt production peaked at $X in 2013; however, from 2014 to 2018, production failed to regain its momentum.

Salt Exports

Exports from Republic of Korea

In 2018, approx. X tonnes of salt and pure sodium chloride were exported from South Korea; jumping by X% against the previous year. Over the period under review, salt exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X% y-o-y. In that year, salt exports attained their peak and are likely to continue its growth in the immediate term.

In value terms, salt exports stood at $X in 2018. Over the period under review, the total exports indicated a mild increase from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, salt exports decreased by -X% against 2016 indices. The growth pace was the most rapid in 2013 when exports increased by X% year-to-year. In that year, salt exports attained their peak of $X. From 2014 to 2018, the growth of salt exports remained at a lower figure.

Exports by Country

Japan (X tonnes) was the main destination for salt exports from South Korea, accounting for a X% share of total exports. Moreover, salt exports to Japan exceeded the volume sent to the second major destination, the U.S. (X tonnes), more than tenfold. China (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2018, the average annual growth rate of volume to Japan amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the U.S. (+X% per year) and China (+X% per year).

In value terms, the largest markets for salt exported from South Korea were the U.S. ($X), China ($X) and Japan ($X), with a combined X% share of total exports. These countries were followed by Malaysia, Micronesia (Federated States of), Kiribati and China, Hong Kong SAR, which together accounted for a further X, Hong Kong SAR recorded the highest rates of growth with regard to market size, among the main countries of destination over the period under review, while exports for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the average salt export price amounted to $X per tonne, waning by -X% against the previous year. In general, the salt export price continues to indicate a drastic reduction. The most prominent rate of growth was recorded in 2008 when the average export price increased by X% year-to-year. The export price peaked at $X per tonne in 2013; however, from 2014 to 2018, export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was the U.S. ($X per tonne), while the average price for exports to Japan ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Micronesia (Federated States of), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Republic of Korea

In 2018, the imports of salt and pure sodium chloride into South Korea amounted to X tonnes, coming down by -X% against the previous year. In general, salt imports continue to indicate a temperate deduction. The pace of growth appeared the most rapid in 2010 when imports increased by X% against the previous year. Imports peaked at X tonnes in 2013; however, from 2014 to 2018, imports stood at a somewhat lower figure.

In value terms, salt imports totaled $X in 2018. Overall, salt imports continue to indicate a deep contraction. The growth pace was the most rapid in 2012 with an increase of X% against the previous year. Imports peaked at $X in 2010; however, from 2011 to 2018, imports stood at a somewhat lower figure.

Imports by Country

Australia (X tonnes), India (X tonnes) and Mexico (X tonnes) were the main suppliers of salt imports to South Korea, together comprising X% of total imports.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main suppliers, was attained by India, while imports for the other leaders experienced a decline.

In value terms, Australia ($X), India ($X) and China ($X) constituted the largest salt suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, India recorded the highest rates of growth with regard to market size, over the period under review, while imports for the other leaders experienced a decline.

Import Prices by Country

The average salt import price stood at $X per tonne in 2018, dropping by -X% against the previous year. Overall, the salt import price continues to indicate an abrupt contraction. The most prominent rate of growth was recorded in 2012 when the average import price increased by X% y-o-y. The import price peaked at $X per tonne in 2010; however, from 2011 to 2018, import prices failed to regain their momentum.

Prices varied noticeably by the country of origin; the country with the highest price was China ($X per tonne), while the price for Mexico ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform