Republic of Korea - Salt - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSalt Price in South Korea - 2022
Contents:
- Salt Price in South Korea (CIF) - 2022
- Salt Price in South Korea (FOB) - 2022
- Salt Imports in South Korea
- Salt Exports in South Korea
Salt Price in South Korea (CIF) - 2022
The average salt import price stood at $35 per ton in 2022, shrinking by -10% against the previous year. In general, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 27% against the previous year. The import price peaked at $55 per ton in 2012; however, from 2013 to 2022, 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 Australia ($195 per ton), while the price for China ($51 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Salt Price in South Korea (FOB) - 2022
The average salt export price stood at $124 per ton in 2022, with a decrease of -16.7% against the previous year. Overall, the export price saw a abrupt slump. The pace of growth appeared the most rapid in 2021 when the average export price increased by 47%. The export price peaked at $244 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($2,590 per ton), while the average price for exports to Kiribati ($148 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 Micronesia (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.
Salt Imports in South Korea
Salt imports into South Korea dropped to 2.4M tons in 2022, declining by -6.2% compared with the previous year's figure. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 14% against the previous year. As a result, imports attained the peak of 2.6M tons, and then fell in the following year.
In value terms, salt imports fell remarkably to $85M in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 46%. As a result, imports reached the peak of $100M, and then shrank remarkably in the following year.
Import of Salt in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 25.9 | 25.0 | 34.3 | 27.6 | 2.1% |
Australia | 24.3 | 22.1 | 29.1 | 23.4 | -1.3% |
China | 10.4 | 8.0 | 20.5 | 16.5 | 16.6% |
Mexico | 4.7 | 1.6 | 8.0 | 6.4 | 10.8% |
Others | 11.8 | 12.0 | 8.4 | 10.6 | -3.5% |
Total | 77.0 | 68.8 | 100 | 84.5 | 3.1% |
Top Suppliers of Salt to South Korea in 2022:
- India (386.3K tons)
- China (324.6K tons)
- Australia (119.9K tons)
- Mexico (36.1K tons)
Salt Exports in South Korea
In 2022, shipments abroad of salt and pure sodium chloride was finally on the rise to reach 69K tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a deep contraction.
In value terms, salt exports fell to $8.6M in 2022. The total export value increased at an average annual rate of +3.0% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 33%. As a result, the exports reached the peak of $9.8M, and then dropped in the following year.
Export of Salt in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 3,597 | 3,674 | 4,902 | 4,429 | 7.2% |
China | 1,887 | 1,431 | 1,849 | 1,670 | -4.0% |
Japan | 1,506 | 1,422 | 1,602 | 1,448 | -1.3% |
Vietnam | 732 | 602 | 625 | 581 | -7.4% |
Canada | 362 | 425 | 546 | 493 | 10.8% |
Philippines | 215 | 450 | 341 | 308 | 12.7% |
Russia | 449 | 254 | 160 | 256 | -17.1% |
Kiribati | 145 | 167 | 109 | 125 | -4.8% |
Micronesia | 290 | 107 | 15.2 | 122 | -25.1% |
Vanuatu | 73.8 | 72.7 | 91.3 | 82.5 | 3.8% |
Tuvalu | N/A | N/A | 122 | N/A | 0% |
Others | -1,422.5 | -1,242.4 | -604.4 | -953.9 | -12.5% |
Total | 7,833 | 7,362 | 9,758 | 8,560 | 3.0% |
Top Export Markets for Salt from South Korea in 2022:
- United States (1.7K tons)
- Philippines (1.0K tons)
- China (0.9K tons)
- Russia (0.9K tons)
- Kiribati (0.8K tons)
- Japan (0.6K tons)
- Vanuatu (0.5K tons)
- Micronesia (0.4K tons)
- Vietnam (0.4K tons)
- Canada (0.3K tons)
This report provides an in-depth analysis of the salt market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 08931000 - Salt (including denatured salt but excluding salt suitable for human consumption) and pure sodium chloride, whether or not in aqueous solution or containing added anti-caking or free-flowing agents
- Prodcom 10843000 - Salt suitable for human consumption
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
This report provides an in-depth analysis of the salt market in Republic of Korea.
This report provides an in-depth analysis of the global salt market.
This report provides an in-depth analysis of the salt market in Republic of Korea.
This report provides an in-depth analysis of the global salt market.
In 2020, the global salt market experienced a decline, following a drop in output in the consumer industries. Despite this, a stable growth in the demand for salt is expected in the future from the chemical and food sectors; the increasing use of salt in alternative energy is also a factor.
The global salt market revenue amounted to $27.4B in 2018, growing by 11% against the previous year. This figure reflects ...
From 2007 to 2015, global salt exports exhibited a pronounced growth trend, with the exception of minor declines in 2012 and 2015. Exports amounted to X million USD in 2015. There was an annual increase of +X% throughout the analyzed period.
In value terms, salts of oxometallic and peroxometallic acids imports totaled $X in 2016. Overall, it indicated a moderate increase from 2007 to 2016: the total imports value decreased at an averag...
In value terms, salts of inorganic acids and peroxoacids imports stood at $X in 2016. Overall, it indicated a prominent expansion from 2007 to 2016: the total imports value increased at an average ...
In value terms, salts of oxometallic and peroxometallic acids exports amounted to $X in 2016. Overall, it indicated a temperate expansion from 2007 to 2016: the total exports value decreased at an ...
In value terms, salts of inorganic acids and peroxoacids exports totaled $X in 2016. Overall, it indicated a prominent growth from 2007 to 2016: the total exports value increased at an average annu...
In 2016, approx. X tons of salt were imported worldwide- remaining stable against the previous year figure. The total import volume increased at an average annual rate of +X% from 2007 to 2016- ...
In 2016, approx. X tons of salt were imported worldwide- remaining stable against the previous year figure. The total import volume increased at an average annual rate of +X% from 2007 to 2016- ...
In 2013, the average Mexico's export price for salt and pure sodium chloride stood at X USD per ton. Export prices varied considerably by country of destination. Belize (X USD/tonne), El Salvador (X USD/tonne) and Guatemala (X USD/