The import of fertilizers to South Korea has shown fluctuating trends over the past decade. In 2013, the total imports stood at 634.63 million USD but experienced a downward trend until reaching the lowest value in 2017 at 468.11 million USD. This was followed by a recovery phase with steady growth from 2018 onwards.
In 2023, fertilizer imports were recorded at 600.45 million USD. The year-on-year variation for 2023 was 1.25%, continuing the trend of small but consistent increases observed in the preceding years. Over the last two years (2022-2023), imports grew modestly by an average of 1.27% annually. Looking at the broader picture, the CAGR for the past five years (ending in 2023) was 0.53% annually.
Future projections suggest that the import value will continue to rise. The forecasted data indicates a gradual increase reaching 635.38 million USD by 2028. The five-year CAGR forecast from 2024 to 2028 is 0.89%, signifying a stable yet modest growth trajectory. The forecasted growth rate over the next five years is anticipated to be 4.55%.
Key future trends to watch for include:
- Changes in global fertilizer prices which could affect import costs.
- South Korea’s agricultural policy and any shifts toward sustainability and self-sufficiency.
- The impact of technological advancements on domestic fertilizer production.
- Global supply chain dynamics and geopolitical events.
