Updated Nov 22, 2022 05:29

Mercury Market in South Korea

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , the South Korean mercury market decreased by -% to $, falling for the third year in a row after two years of growth. Overall, consumption saw a abrupt contraction. Mercury consumption peaked at $ in 2007; however, from 2008 to , consumption failed to regain momentum.

In value terms, mercury production amounted to $ in estimated in export price. Over the period under review, production showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2012 when the production volume increased by %. As a result, production reached the peak level of $. From 2013 to , production growth remained at a lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , consumption of mercury decreased by -% to tons, falling for the fourth consecutive year after two years of growth. Overall, consumption recorded a abrupt decline. Over the period under review, consumption hit record highs at tons in 2007; however, from 2008 to , consumption remained at a lower figure.

The value of the mercury market in South Korea contracted markedly to $ in , which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a abrupt decline. Over the period under review, the market hit record highs at $ in 2007; however, from 2008 to , consumption stood at a somewhat lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Depressed by shrinking demand for mercury in South Korea, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to kg by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Please note: Annual data for 2022 are preliminary and subject to revision
Mercury market in South Korea remained dependent on supplies from foreign countries. In , the share of imports in total consumption was % in value terms and % in physical terms. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
South Korea remains a net importer of mercury; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of kg, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.