Republic of Korea: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2024

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Republic of Korea

The South Korean market for coconut, abaca, ramie and other vegetable textile fibres reduced notably to $X in 2022, which is down by -48.9% 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). Over the period under review, consumption, however, recorded a relatively flat trend pattern. Consumption of peaked at $X in 2021, and then fell dramatically in the following year.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from Republic of Korea

In 2022, exports of coconut, abaca, ramie and other vegetable textile fibres from South Korea surged to X tons, with an increase of 28,011% against the previous year's figure. Over the period under review, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres soared to $X in 2022. In general, exports enjoyed a significant expansion. Over the period under review, the exports of reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Uzbekistan (X tons) was the main destination for exports of coconut, abaca, ramie and other vegetable textile fibres from South Korea, with a 87% share of total exports. Moreover, exports of coconut, abaca, ramie and other vegetable textile fibres to Uzbekistan exceeded the volume sent to the second major destination, China (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Uzbekistan amounted to +33.4%.

In value terms, Uzbekistan ($X) emerged as the key foreign market for coconut, abaca, ramie and other vegetable textile fibres exports from South Korea, comprising 73% of total exports. The second position in the ranking was held by China ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Uzbekistan totaled +15.8%.

Export Prices by Country

In 2022, the average export price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, shrinking by -67.8% against the previous year. In general, the export price saw a abrupt setback. The most prominent rate of growth was recorded in 2015 an increase of 242%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Uzbekistan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-7.9%), while the prices for the other major destinations experienced a decline.

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into Republic of Korea

In 2022, the amount of coconut, abaca, ramie and other vegetable textile fibres imported into South Korea reduced rapidly to X tons, shrinking by -59.4% on 2021 figures. Over the period under review, imports saw a perceptible decline. The pace of growth appeared the most rapid in 2018 with an increase of 148%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres contracted remarkably to $X in 2022. In general, imports, however, showed a noticeable expansion. The pace of growth appeared the most rapid in 2018 with an increase of 113% against the previous year. Imports peaked at $X in 2021, and then fell remarkably in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest coconut, abaca, ramie and other vegetable textile fibre supplier to South Korea, accounting for a 56% share of total imports. Moreover, imports of coconut, abaca, ramie and other vegetable textile fibres from India exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), threefold. The third position in this ranking was taken by Sierra Leone (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (-8.2% per year) and Sierra Leone (-11.7% per year).

In value terms, the largest coconut, abaca, ramie and other vegetable textile fibre suppliers to South Korea were India ($X), Indonesia ($X) and Sri Lanka ($X), together comprising 82% of total imports. Vietnam, Sierra Leone and Bangladesh lagged somewhat behind, together comprising a further 10%.

Bangladesh, with a CAGR of +712.1%, saw the highest rates of growth with regard to 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 import price for coconut, abaca, ramie and other vegetable textile fibres stood at $X per ton in 2022, growing by 68% against the previous year. Overall, the import price posted a strong expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform