Republic of Korea: Travelling Wool Rug Market 2024

Travelling Wool Rug Market Size in Republic of Korea

The South Korean travelling wool rug market declined modestly to $X in 2022, with a decrease of -2.1% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 -7.5% against 2019 indices. Travelling wool rug consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Travelling Wool Rug Production in Republic of Korea

In value terms, travelling wool rug production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 92% against the previous year. Travelling wool rug production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Travelling Wool Rug Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of blankets and travelling rugs of wool decreased by -17.4% to X units in 2022. Over the period under review, exports saw a noticeable contraction. The pace of growth was the most pronounced in 2020 with an increase of 152%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, travelling wool rug exports dropped notably to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 148% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

The Philippines (X units) was the main destination for travelling wool rug exports from South Korea, accounting for a 94% share of total exports. It was followed by the United States (X units), with a 2.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at +165.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-22.2% per year) and Hong Kong SAR (+30.1% per year).

In value terms, the Philippines ($X) remains the key foreign market for blankets and travelling rugs of wool exports from South Korea, comprising 87% of total exports. The second position in the ranking was held by the United States ($X), with a 4.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines stood at +142.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-23.8% per year) and Hong Kong SAR (+11.1% per year).

Export Prices by Country

The average travelling wool rug export price stood at $X per unit in 2022, with a decrease of -2% against the previous year. Over the period under review, the export price, however, saw tangible growth. The growth pace was the most rapid in 2018 an increase of 35%. The export price peaked at $X per unit in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+47.3%), while the prices for the other major destinations experienced mixed trend patterns.

Travelling Wool Rug Imports

Imports into Republic of Korea

In 2022, approx. X units of blankets and travelling rugs of wool were imported into South Korea; rising by 23% compared with the previous year. Overall, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 80%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, travelling wool rug imports soared to $X in 2022. Over the period under review, imports saw a resilient expansion. The pace of growth was the most pronounced in 2020 when imports increased by 217%. 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

China (X units), Latvia (X units) and the UK (X units) were the main suppliers of travelling wool rug imports to South Korea, with a combined 86% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Latvia (with a CAGR of +66.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest travelling wool rug suppliers to South Korea were Italy ($X), the UK ($X) and Latvia ($X), together accounting for 73% of total imports. China, India, New Zealand and Sweden lagged somewhat behind, together accounting for a further 15%.

Sweden, with a CAGR of +59.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average travelling wool rug import price stood at $X per unit in 2022, picking up by 21% against the previous year. In general, the import price showed significant growth. The pace of growth was the most pronounced in 2014 an increase of 97%. Over the period under review, average import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :