By Kang Yoon-seung
At a briefing on September 8, 2023, in Sejong, South Korea, a representative of the Ministry of Economy and Finance announced that there are no official bans on the export of urea by China. This statement was made in response to media reports of a potential restriction on shipments of urea from the country.
The official also noted that the relationship between the two countries remains steady, and that any export restrictions would not be as comprehensive as those seen in the past. Furthermore, they assured that domestic supply of urea for fertilizer would remain stable, as imports from various countries are diversified and the price is stable.
Qatar was the leading exporter of urea for fertilizer to South Korea between January and July, with a 41 percent share, while Saudi Arabia held 10 percent. Imports from China, which accounted for 65 percent in 2021, declined to 17 percent in the same period.
The Ministry of Economy and Finance estimates that the total domestic demand for urea for fertilizer is 386,000 tons, with 77.4 percent of the volume secured by the first week of September.
colin@yna.co.kr
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