Republic of Korea: Market for Builders' Joinery And Carpentry Of Wood 2024

Market Size for Builders' Joinery And Carpentry Of Wood in Republic of Korea

The South Korean wooden joinery and carpentry market reduced slightly to $X in 2021, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.9% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Exports of Builders' Joinery And Carpentry Of Wood

Exports from Republic of Korea

Wooden joinery and carpentry exports from South Korea soared to X tons in 2021, picking up by 103% against the previous year's figure. Overall, exports showed a tangible increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, wooden joinery and carpentry exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Mongolia (X tons) was the main destination for wooden joinery and carpentry exports from South Korea, accounting for a 57% share of total exports. Moreover, wooden joinery and carpentry exports to Mongolia exceeded the volume sent to the second major destination, Cambodia (X tons), fourfold. The third position in this ranking was taken by Kazakhstan (X tons), with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to Mongolia amounted to +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+107.3% per year) and Kazakhstan (+31.7% per year).

In value terms, Kazakhstan ($X), China ($X) and Mongolia ($X) constituted the largest markets for wooden joinery and carpentry exported from South Korea worldwide, with a combined 48% share of total exports. These countries were followed by Cambodia, the United States, Iraq, the Philippines, Vietnam, the United Arab Emirates, Kyrgyzstan and Russia, which together accounted for a further 25%.

Cambodia, with a CAGR of +83.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average wooden joinery and carpentry export price amounted to $X per ton, falling by -20.2% against the previous year. In general, the export price continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2013 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Mongolia ($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 the United Arab Emirates (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Builders' Joinery And Carpentry Of Wood

Imports into Republic of Korea

In 2021, the amount of builders' joinery and carpentry of wood imported into South Korea rose slightly to X tons, with an increase of 4.6% compared with the previous year. In general, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 34%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, wooden joinery and carpentry imports stood at $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +32.2% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 32%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of wooden joinery and carpentry to South Korea, accounting for a 39% share of total imports. Moreover, wooden joinery and carpentry imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+40.5% per year) and Indonesia (-1.2% per year).

In value terms, the largest wooden joinery and carpentry suppliers to South Korea were China ($X), Italy ($X) and Vietnam ($X), together comprising 71% of total imports. These countries were followed by Indonesia, Switzerland, Finland and Canada, which together accounted for a further 15%.

Among the main suppliers, Finland, with a CAGR of +261.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wooden joinery and carpentry import price amounted to $X per ton, picking up by 7.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 18% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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