Republic of Korea: Blanket Market 2024

Blanket Market Size in Republic of Korea

After two years of decline, the South Korean blanket market increased by 39% to $X in 2022. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Blanket Production in Republic of Korea

In value terms, blanket production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 8.2% against the previous year. Blanket production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Blanket Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of blankets and traveling rugs (except electric blankets) decreased by -43.6% to X tons in 2022. Over the period under review, exports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 104%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, blanket exports shrank dramatically to $X in 2022. In general, exports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 73% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for blanket exports from South Korea, with a 57% share of total exports. Moreover, blanket exports to the Philippines exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines totaled +56.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-17.1% per year) and Saudi Arabia (-26.0% per year).

In value terms, the largest markets for blanket exported from South Korea were Saudi Arabia ($X), the Philippines ($X) and the United Arab Emirates ($X), with a combined 71% share of total exports.

The Philippines, with a CAGR of +56.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average blanket export price stood at $X per ton in 2022, growing by 50% against the previous year. Overall, the export price, however, continues to indicate a deep setback. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Bangladesh ($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 Saudi Arabia (+0.5%), while the prices for the other major destinations experienced mixed trend patterns.

Blanket Imports

Imports into Republic of Korea

In 2022, after two years of growth, there was decline in overseas purchases of blankets and traveling rugs (except electric blankets), when their volume decreased by -0.9% to X tons. Overall, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +27.9% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, blanket imports fell modestly to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 40%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

In 2022, China (X tons) was the main blanket supplier to South Korea, with a approx. 101% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +3.8%.

In value terms, China ($X) constituted the largest supplier of blankets and traveling rugs (except electric blankets) to South Korea.

From 2012 to 2022, the average annual growth rate of value from China totaled +4.6%.

Import Prices by Country

The average blanket import price stood at $X per ton in 2022, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2021 an increase of 18%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +0.8% per year.

Source: IndexBox Platform

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