Republic of Korea: Basic Dye Market 2024

Basic Dye Market Size in Republic of Korea

The South Korean basic dye market skyrocketed to $X in 2021, picking up by 20% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Basic Dye Production in Republic of Korea

In value terms, basic dye production fell to $X in 2021 estimated in export price. Overall, production continues to indicate a deep setback. The pace of growth was the most pronounced in 2015 with an increase of 466%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Basic Dye Exports

Exports from Republic of Korea

In 2021, approx. X tons of basic dyes and preparations based thereon were exported from South Korea; shrinking by -16.8% on the year before. In general, exports recorded a noticeable contraction. The growth pace was the most rapid in 2015 when exports increased by 66% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, basic dye exports declined sharply to $X in 2021. Overall, total exports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.1% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 43%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for basic dye exports from South Korea, with a 38% share of total exports. Moreover, basic dye exports to Vietnam exceeded the volume sent to the second major destination, Bangladesh (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (-14.0% per year) and Indonesia (-2.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for basic dyes and preparations based thereon exports from South Korea, comprising 45% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 11% share of total exports. It was followed by Bangladesh, with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +34.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+4.7% per year) and Bangladesh (-14.7% per year).

Export Prices by Country

The average basic dye export price stood at $X per ton in 2021, approximately mirroring the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, basic dye export price decreased by -14.4% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 56% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Basic Dye Imports

Imports into Republic of Korea

In 2021, overseas purchases of basic dyes and preparations based thereon increased by 16% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 38%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, basic dye imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 42%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), India (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of basic dye imports to South Korea, together accounting for 96% of total imports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +29.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of basic dyes and preparations based thereon to South Korea, comprising 56% of total imports. The second position in the ranking was held by India ($X), with a 24% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.5% per year) and Taiwan (Chinese) (+27.2% per year).

Import Prices by Country

The average basic dye import price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, basic dye import price increased by +50.3% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 15% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :