Republic of Korea: Globe Market 2022

Globe Market Size in Republic of Korea

The South Korean globe market surged to $X in 2021, jumping by X% against the previous year. Overall, consumption, however, faced a significant decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Globe Production in Republic of Korea

In value terms, globe production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Globe Exports

Exports from Republic of Korea

In 2021, globe exports from South Korea shrank modestly to X tons, which is down by less than X% on 2020. Over the period under review, total exports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2017 indices. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, globe exports contracted modestly to $X in 2021. The total export value increased at an average annual rate of +X% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when exports increased by X%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for globe exports from South Korea, accounting for a X% share of total exports. Moreover, globe exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the United States (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) 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 Japan (-X% per year).

In value terms, Taiwan (Chinese) ($X), the United States ($X) and Japan ($X) were the largest markets for globe exported from South Korea worldwide, together comprising X% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average globe export price stood at $X per ton in 2021, almost unchanged from the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+X%), while the prices for the other major destinations experienced a decline.

Globe Imports

Imports into Republic of Korea

In 2021, globe imports into South Korea soared to X tons, jumping by X% on the year before. Over the period under review, imports, however, recorded a drastic downturn. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, globe imports soared to $X in 2021. Overall, imports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest globe supplier to South Korea, with a X% share of total imports. Moreover, globe imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. Italy (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-X% per year) and Italy (+X% per year).

In value terms, the largest globe suppliers to South Korea were China ($X), the UK ($X) and Taiwan (Chinese) ($X), together comprising X% of total imports. These countries were followed by Germany, Italy and India, which together accounted for a further X the main suppliers, Germany, with a CAGR of +X%, recorded 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

The average globe import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price, however, saw a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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