Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea - 2022
Contents:
- Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (CIF) - 2022
- Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (FOB) - 2022
- Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea
- Exports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea
Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (CIF) - 2022
In 2022, the average import price for acids; saturated acyclic monocarboxylic acids; formic acids amounted to $877 per ton, jumping by 38% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 63%. The import price peaked at $1,098 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($591 per ton), while the price for China amounted to $411 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-3.9%).
Price for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (FOB) - 2022
The average export price for acids; saturated acyclic monocarboxylic acids; formic acids stood at $264 per ton in 2022, reducing by -6.1% against the previous year. Over the period under review, the export price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 36% against the previous year. As a result, the export price reached the peak level of $973 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($4,900 per ton), while the average price for exports to India ($96 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 Taiwan (Chinese) (+18.7%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea
In 2022, overseas purchases of acids; saturated acyclic monocarboxylic acids; formic acids decreased by -40.9% to 7.6K tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 22% against the previous year. As a result, imports reached the peak of 13K tons, and then dropped significantly in the following year.
In value terms, imports of acids; saturated acyclic monocarboxylic acids; formic acids contracted rapidly to $6.6M in 2022. In general, imports faced a deep reduction. The smallest decline of -11.1% was in 2021.
| Import of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 4.4 | 3.5 | 3.6 | 2.9 | -13.0% |
| Germany | 0.9 | 0.9 | 0.3 | 0.2 | -39.4% |
| Others | 5.8 | 4.8 | 4.2 | 3.5 | -15.5% |
| Total | 11.2 | 9.1 | 8.1 | 6.6 | -16.2% |
Top Suppliers of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid to South Korea in 2022:
- China (7.1K tons)
- Germany (0.3K tons)
Exports of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea
Exports of acids; saturated acyclic monocarboxylic acids; formic acids from South Korea contracted remarkably to 438 tons in 2022, declining by -64.1% compared with 2021. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 117% against the previous year. As a result, the exports reached the peak of 1.2K tons, and then shrank rapidly in the following year.
In value terms, exports of acids; saturated acyclic monocarboxylic acids; formic acids shrank notably to $116K in 2022. In general, exports showed a significant curtailment. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year.
| Export of Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Denmark | 204 | 146 | 213 | 75.3 | -28.3% |
| Turkey | 19.0 | 12.7 | 17.5 | 5.8 | -32.7% |
| Netherlands | 19.9 | 12.3 | 15.7 | 4.8 | -37.8% |
| United Kingdom | 17.9 | 11.2 | 14.4 | 4.4 | -37.4% |
| India | 9.5 | 2.9 | 9.5 | 2.3 | -37.7% |
| Others | 82.7 | 49.8 | 72.5 | 23.1 | -34.6% |
| Total | 353 | 235 | 343 | 116 | -31.0% |
Top Export Markets for Acids; Saturated Acyclic Monocarboxylic Acids; Formic Acid from South Korea in 2022:
- Denmark (318.5 tons)
- Netherlands (31.3 tons)
- United Kingdom (29.1 tons)
- India (23.8 tons)
- Turkey (6.8 tons)
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