Republic of Korea: Spectacle Frame Market 2024

Spectacle Frame Market Size in Republic of Korea

The South Korean spectacle frame market shrank to $X in 2022, declining by X% against the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Spectacle Frame Production in Republic of Korea

In value terms, spectacle frame production shrank to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Spectacle Frame Exports

Exports from Republic of Korea

In 2022, shipments abroad of frames and mountings for spectacles, goggles or the like decreased by X% to X units, falling for the sixth consecutive year after two years of growth. Overall, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, spectacle frame exports fell modestly to $X in 2022. In general, exports showed a noticeable curtailment. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for spectacle frame exports from South Korea, accounting for a X% share of total exports. Moreover, spectacle frame exports to Japan exceeded the volume sent to the second major destination, the United States (X units), threefold. The third position in this ranking was held by Vietnam (X units), with a X% share.

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

In value terms, Japan ($X) remains the key foreign market for frames and mountings for spectacles, goggles or the like exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Vietnam (X% per year).

Export Prices by Country

The average spectacle frame export price stood at $X per unit in 2022, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to France ($X per unit) and the Netherlands ($X per unit), while the average price for exports to Vietnam ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Frame Imports

Imports into Republic of Korea

Spectacle frame imports into South Korea expanded markedly to X units in 2022, rising by X% compared with the previous year. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, spectacle frame imports rose notably to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X units), Japan (X units) and Denmark (X units) were the main suppliers of spectacle frame imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Denmark ($X) appeared to be the largest spectacle frame suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, China, with a CAGR of X%, recorded the highest growth rate of 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 spectacle frame import price amounted to $X per unit, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per unit) and Denmark ($X per unit), while the price for Italy ($X per unit) and Japan ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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