Republic of Korea: Common Pottery Market 2024

Common Pottery Market Size in Republic of Korea

In 2022, the South Korean common pottery market increased by 18% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated buoyant growth 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, consumption increased by +39.2% against 2020 indices. Common pottery consumption peaked in 2022 and is expected to retain growth in years to come.

Common Pottery Exports

Exports from Republic of Korea

Common pottery exports from South Korea totaled X tons in 2022, increasing by 8.7% against the previous year's figure. In general, exports, however, continue to indicate a perceptible setback. The growth pace was the most rapid in 2014 with an increase of 24%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, common pottery exports reduced to $X in 2022. Overall, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by 29% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), the United States (X tons) and Japan (X tons) were the main destinations of common pottery exports from South Korea, with a combined 74% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +35.5%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for common pottery exports from South Korea, comprising 44% of total exports. The second position in the ranking was taken by Japan ($X), with a 13% share of total exports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.8% per year) and China (-14.2% per year).

Export Prices by Country

The average common pottery export price stood at $X per ton in 2022, dropping by -12.8% against the previous year. Over the period under review, the export price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 8.7% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 Taiwan (Chinese) ($X per ton), while the average price for exports to the Philippines ($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 Taiwan (Chinese) (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Common Pottery Imports

Imports into Republic of Korea

In 2022, supplies from abroad of common pottery increased by 4.6% to X tons, rising for the second year in a row after five years of decline. The total import volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 21%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, common pottery imports skyrocketed to $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +37.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 25% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest common pottery supplier to South Korea, with a 67% share of total imports. Moreover, common pottery imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. Thailand (X tons) ranked third in terms of total imports with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+6.2% per year) and Thailand (+2.2% per year).

In value terms, China ($X), the UK ($X) and Thailand ($X) constituted the largest common pottery suppliers to South Korea, with a combined 76% share of total imports. Japan and Portugal lagged somewhat behind, together accounting for a further 6%.

Portugal, with a CAGR of +26.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average common pottery import price amounted to $X per ton, surging by 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. 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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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