Republic of Korea: Festive Articles Market 2024

Festive Articles Market Size in Republic of Korea

The South Korean festive articles market expanded to $X in 2022, growing by 2.7% against the previous year. In general, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.7% against 2018 indices. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Festive Articles Production in Republic of Korea

In value terms, festive articles production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 92%. Festive articles production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Festive Articles Exports

Exports from Republic of Korea

In 2022, the amount of festive or carnival articles exported from South Korea rose modestly to X tons, surging by 4.6% against the previous year's figure. In general, exports recorded buoyant growth. The growth pace was the most rapid in 2015 with an increase of 87%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, festive articles exports expanded significantly to $X in 2022. Overall, exports posted a prominent increase. The pace of growth appeared the most rapid in 2016 when exports increased by 164% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), the United States (X tons) and China (X tons) were the main destinations of festive articles exports from South Korea, with a combined 88% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +39.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for festive articles exported from South Korea were the United States ($X), Japan ($X) and China ($X), with a combined 92% share of total exports.

The United States, with a CAGR of +32.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average festive articles export price stood at $X per ton in 2022, picking up by 2.3% against the previous year. In general, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, festive articles export price increased by +51.9% against 2017 indices. The pace of growth was the most pronounced in 2016 an increase of 51% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 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 the United States ($X per ton), while the average price for exports to China ($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 Arab Emirates (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into Republic of Korea

In 2022, festive articles imports into South Korea fell to X tons, which is down by -2.5% on 2021 figures. In general, total imports indicated a strong expansion from 2012 to 2022: its volume 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 decreased by -2.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 27% against the previous year. Imports peaked at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, festive articles imports declined modestly to $X in 2022. Overall, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 28%. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of festive articles to South Korea, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +6.1%.

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to South Korea.

From 2012 to 2022, the average annual growth rate of value from China stood at +13.8%.

Import Prices by Country

In 2022, the average festive articles import price amounted to $X per ton, leveling off at the previous year. Over the period under review, import price indicated a resilient 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, festive articles import price increased by +88.5% against 2012 indices. The growth pace was the most rapid in 2013 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2021, and then fell slightly in the following year.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +7.2% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :