Republic of Korea: Twine Product Market 2025

Twine Product Market Size in Republic of Korea

The South Korean twine product market expanded to $X in 2022, increasing by 3.9% against the previous year. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.6% against 2020 indices. Twine product consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Twine Product Production in Republic of Korea

In value terms, twine product production reduced to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -18.1% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 96% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Twine Product Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of articles of twine, cordage, rope or cables, when their volume decreased by -7.8% to X tons. Over the period under review, exports showed a noticeable decline. The growth pace was the most rapid in 2013 when exports increased by 34% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, twine product exports reduced to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 34%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Vietnam (X tons) and Ghana (X tons) were the main destinations of twine product exports from South Korea, together comprising 67% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ghana (with a CAGR of +14.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for twine product exported from South Korea were the United States ($X), Vietnam ($X) and Japan ($X), with a combined 59% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +12.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average twine product export price amounted to $X per ton, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth was the most pronounced in 2015 an increase of 23%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Ghana ($X 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 China (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Twine Product Imports

Imports into Republic of Korea

Twine product imports into South Korea rose significantly to X tons in 2022, increasing by 7.1% against 2021. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, twine product imports amounted to $X in 2022. Over the period under review, imports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 86%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest twine product supplier to South Korea, with a 62% share of total imports. Moreover, twine product imports from China exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), threefold. The third position in this ranking was held by Indonesia (X tons), with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+33.5% per year) and Indonesia (+18.6% per year).

In value terms, China ($X) constituted the largest supplier of articles of twine, cordage, rope or cables to South Korea, comprising 65% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 7.6% share of total imports. It was followed by Vietnam, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+24.8% per year) and Vietnam (+9.5% per year).

Import Prices by Country

In 2022, the average twine product import price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price, however, recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2020 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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