Guangzhou China Oct. 21, 2010 - In recent five years, South Korea has been an important NPKs exporter in global markets. Its export volume increased fast during 2005 to 2009 with CAGR of 20.35%. From 2005 to 2009, South Korea has risen up from 15th to 4th in the rankings of global NPKs export volume. It seems that its increase trend of export volume in South Korea has been slightly impacted by the financial crisis. Why?
South Korea has reduced domestic fertilizer consumption and the domestic producers have attached more attention to overseas markets.
- South Korea is poor in natural resources such as natural gas, crude oil, phosphorite and potassium resources. As the imported raw materials can not support its continuous development in fertilizer industry, the country has specified the usage of fertilizers since 2004 and adopted other methods to ensure the crop production, such as the improving soil conditions and monitoring the disease and pests.
- The key overseas market of South Korean NPKs is Southeast Asia which is the fastest developing market globally. In 2009, South Korea mainly exports its NPKs to Thailand, Vietnam, Philippines, Malaysia, etc.
The insufficient supply of NPKs in Southeast Asia brings South Korea commercial opportunities. However, the increase trend of export in South Korea may not last for a long time because of the limited raw materials supply and capacity of NPKs. Meanwhile, owing to the limited natural source and undeveloped industry system in Southeast Asia, the import of NPKs in this region will last for a long time.
Source: CCM International