Republic of Korea: Paper And Paperboard Market 2024

Paper And Paperboard Market Size in Republic of Korea

The South Korean paper and paperboard market reduced slightly to $X in 2022, waning by -4.9% against the previous year. In general, consumption, however, continues to indicate a significant increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Paper And Paperboard Production in Republic of Korea

In value terms, paper and paperboard production contracted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate resilient growth. The growth pace was the most rapid in 2018 when the production volume increased by 64%. Paper and paperboard production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Paper And Paperboard Exports

Exports from Republic of Korea

In 2022, shipments abroad of paper and paperboard (creped, crinkled, embossed or perforated) increased by 31% to X tons, rising for the second consecutive year after three years of decline. In general, exports posted a noticeable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 53% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paper and paperboard exports surged to $X in 2022. Overall, exports enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 121% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for paper and paperboard exports from South Korea, with a 50% share of total exports. Moreover, paper and paperboard exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by the United States (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+0.4% per year) and the United States (+16.5% per year).

In value terms, Vietnam ($X), China ($X) and the United States ($X) constituted the largest markets for paper and paperboard exported from South Korea worldwide, with a combined 76% share of total exports. Indonesia, India, Hong Kong SAR, the Philippines, Japan and Taiwan (Chinese) lagged somewhat behind, together comprising a further 18%.

Among the main countries of destination, Indonesia, with a CAGR of +101.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average paper and paperboard export price stood at $X per ton in 2022, reducing by -2.6% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paper and paperboard export price decreased by -29.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 45%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($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) (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Paper And Paperboard Imports

Imports into Republic of Korea

In 2022, paper and paperboard imports into South Korea declined rapidly to X tons, waning by -23.4% on the year before. Overall, imports, however, continue to indicate a moderate expansion. The growth pace was the most rapid in 2018 when imports increased by 47%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, paper and paperboard imports reduced to $X in 2022. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 82% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of paper and paperboard to South Korea, accounting for a 44% share of total imports. Moreover, paper and paperboard imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. The United States (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +37.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+17.3% per year) and the United States (+46.7% per year).

In value terms, Japan ($X), the United States ($X) and Taiwan (Chinese) ($X) appeared to be the largest paper and paperboard suppliers to South Korea, together accounting for 72% of total imports. China, Sweden, Germany, Finland and the Netherlands lagged somewhat behind, together comprising a further 22%.

Among the main suppliers, the Netherlands, with a CAGR of +187.8%, saw the highest rates of growth with regard to 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 2022, the average paper and paperboard import price amounted to $X per ton, surging by 18% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paper and paperboard import price increased by +39.4% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 48%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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