Republic of Korea: Carpet Market 2024

Carpet Market Size in Republic of Korea

The South Korean carpet market shrank slightly to $X in 2022, dropping by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Carpet Production in Republic of Korea

In value terms, carpet production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Carpet Exports

Exports from Republic of Korea

In 2022, the amount of carpets and other textile floor coverings exported from South Korea contracted to X square meters, which is down by X% on the year before. Over the period under review, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure at X square meters in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, carpet exports contracted to $X in 2022. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X square meters) was the main destination for carpet exports from South Korea, accounting for a X% share of total exports. Moreover, carpet exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X square meters), fourfold. China (X square meters) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and China (X% per year).

In value terms, the United States ($X) remains the key foreign market for carpets and other textile floor coverings exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average carpet export price amounted to $X per square meter, shrinking by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per square meter in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Carpet Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in supplies from abroad of carpets and other textile floor coverings, when their volume decreased by X% to X square meters. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2012 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X square meters, and then contracted in the following year.

In value terms, carpet imports dropped to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, China (X square meters) constituted the largest carpet supplier to South Korea, accounting for a X% share of total imports. Moreover, carpet imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X square meters), twofold. The third position in this ranking was taken by India (X square meters), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of carpets and other textile floor coverings to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average carpet import price amounted to $X per square meter, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible descent. The import price peaked at $X per square meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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