Republic of Korea: Cotton Yarn Market 2024

Cotton Yarn Market Size in Republic of Korea

In 2022, after two years of growth, there was decline in the South Korean cotton yarn market, when its value decreased by -4.2% to $X. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Cotton Yarn Production in Republic of Korea

In value terms, cotton yarn production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Cotton Yarn Exports

Exports from Republic of Korea

In 2022, approx. X tons of cotton yarn were exported from South Korea; shrinking by -14.3% on the year before. In general, exports faced a deep setback. The growth pace was the most rapid in 2021 when exports increased by 38%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, cotton yarn exports dropped notably to $X in 2022. Over the period under review, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 99%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Guatemala (X tons) and Vietnam (X tons) were the main destinations of cotton yarn exports from South Korea, together comprising 64% of total exports. China, Indonesia, Bangladesh, Mauritius, Hong Kong SAR, Canada and Sri Lanka lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +20.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for cotton yarn exports from South Korea, comprising 39% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 17% share of total exports. It was followed by Vietnam, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+1.6% per year) and Vietnam (-15.0% per year).

Export Prices by Country

In 2022, the average cotton yarn export price amounted to $X per ton, shrinking by -12.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 45%. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mauritius ($X per ton), while the average price for exports to Hong Kong SAR ($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 the United States (+1.8%), while the prices for the other major destinations experienced mixed trend patterns.

Cotton Yarn Imports

Imports into Republic of Korea

In 2022, purchases abroad of cotton yarn decreased by -10.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 29%. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, cotton yarn imports fell significantly to $X in 2022. In general, imports showed a slight contraction. The pace of growth appeared the most rapid in 2021 with an increase of 66%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest cotton yarn supplier to South Korea, accounting for a 56% share of total imports. Moreover, cotton yarn imports from Vietnam exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+5.6% per year) and India (-7.9% per year).

In value terms, Vietnam ($X) constituted the largest supplier of cotton yarn to South Korea, comprising 54% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam amounted to +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-7.5% per year) and Indonesia (+3.3% per year).

Import Prices by Country

The average cotton yarn import price stood at $X per ton in 2022, which is down by -10.3% against the previous year. Over the period under review, the import price recorded a slight shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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