Price for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea - 2022

Contents:

1. Price for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea (CIF) - 2022
2. Price for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea (FOB) - 2022
3. Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea
4. Exports of Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea

Price for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea (CIF) - 2022

The average import price for acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses stood at $2,915 per ton in 2022, surging by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2013 an increase of 27% against the previous year. As a result, import price attained the peak level of $2,984 per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Sweden ($36,769 per ton), while the price for Germany ($1,759 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+38.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea (FOB) - 2022

In December 2022, the average export price for acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses amounted to $59,051 per ton, rising by 56% against the previous month. Overall, the export price posted a prominent increase. The growth pace was the most rapid in June 2022 an increase of 902% month-to-month. As a result, the export price reached the peak level of $71,326 per ton. From July 2022 to December 2022, the the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Japan.

From December 2021 to December 2022, the rate of growth in terms of prices for Japan amounted to +19.3% per month.

Imports of Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea

In 2022, the amount of acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses imported into South Korea skyrocketed to 2.7K tons, picking up by 16% against 2021. The total import volume increased at an average annual rate of +3.6% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses soared to $7.9M in 2022. Over the period under review, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +10.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.8% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters to South Korea in 2022:

1. China (1301.5 tons)
2. United States (834.7 tons)
3. Germany (294.2 tons)
4. India (85.0 tons)
5. Netherlands (80.8 tons)
6. Japan (51.4 tons)
7. Taiwan (Chinese) (46.6 tons)

Exports of Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters in South Korea

After three years of growth, shipments abroad of acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses decreased by -45.3% to 988 tons in 2022. Over the period under review, exports, however, showed significant growth. The growth pace was the most rapid in 2021 when exports increased by 409%. As a result, the exports reached the peak of 1.8K tons, and then shrank dramatically in the following year.

In value terms, exports of acids; saturated acyclic monocarboxylic acids; propionic acid, its salts and esterses declined significantly to $1.4M in 2022. In general, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 140%. As a result, the exports reached the peak of $2.4M, and then reduced remarkably in the following year.

Top Export Markets for Acids; Saturated Acyclic Monocarboxylic Acids; Propionic Acid, Its Salts and Esters from South Korea in 2022:

1. Singapore (883.4 tons)
2. Malaysia (61.1 tons)
3. China (36.9 tons)

Source: IndexBox Market Intelligence Platform