Republic of Korea: Salt Market 2022

Salt Market Size in Republic of Korea

The South Korean salt market stood at $X in 2021, approximately reflecting the previous year. In general, consumption continues to indicate a mild decrease. Salt consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Salt Production in Republic of Korea

In value terms, salt production fell to $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt slump. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Salt Exports

Exports from Republic of Korea

In 2021, approx. X tonnes of salt and pure sodium chloride were exported from South Korea; picking up by X% against the year before. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2015 indices. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, salt exports expanded to $X in 2021. In general, exports saw a pronounced reduction. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The Philippines (X tonnes), the United States (X tonnes) and Kiribati (X tonnes) were the main destinations of salt exports from South Korea, together comprising X% of total exports.

From 2012 to 2021, the biggest increases were in the Philippines (with a CAGR of +X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for salt exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by China ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-X% per year) and Japan (-X% per year).

Export Prices by Country

In 2021, the average salt export price amounted to $X per tonne, waning by -X% against the previous year. Over the period under review, the export price saw a abrupt setback. The pace of growth was the most pronounced in 2015 when the average export price increased by X%. As a result, the export price attained the peak level of $X per tonne. From 2016 to 2021, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per tonne), while the average price for exports to Kiribati ($X per tonne) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Micronesia (-X%), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Republic of Korea

After three years of growth, supplies from abroad of salt and pure sodium chloride decreased by -X% to X tonnes in 2021. In general, imports saw a slight decline. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tonnes in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, salt imports amounted to $X in 2021. Overall, imports showed a mild reduction. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Australia (X tonnes), India (X tonnes) and China (X tonnes) were the main suppliers of salt imports to South Korea, with a combined X% share of total imports.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +X%), while purchases for the other leaders experienced mixed trend patterns.

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

India, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average salt import price stood at $X per tonne in 2021, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per tonne in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

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

Source: IndexBox Platform