Republic of Korea: Granite Block Market 2025

Granite Block Market Size in Republic of Korea

The South Korean granite block market declined to $X in 2022, shrinking by -6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Granite block consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Granite Block Exports

Exports from Republic of Korea

In 2022, exports of granite blocks and slabs from South Korea totaled X tons, growing by 4.6% against 2021. Over the period under review, exports, however, faced a deep reduction. The pace of growth was the most pronounced in 2016 when exports increased by 87%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, granite block exports totaled $X in 2022. Overall, exports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 95%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for granite block exports from South Korea, with a 98% share of total exports. It was followed by Japan (X tons), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China stood at -5.7%.

In value terms, China ($X) remains the key foreign market for granite blocks and slabs exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Japan ($X), with a 6.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China stood at -9.8%.

Export Prices by Country

The average granite block export price stood at $X per ton in 2022, dropping by -1.8% against the previous year. Over the period under review, the export price saw a slight decrease. The most prominent rate of growth was recorded in 2014 when the average export price increased by 23% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+13.4%).

Granite Block Imports

Imports into Republic of Korea

In 2022, imports of granite blocks and slabs into South Korea dropped to X tons, which is down by -8.3% against the previous year. Overall, imports saw a pronounced decrease. The pace of growth was the most pronounced in 2019 with an increase of 132%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, granite block imports shrank slightly to $X in 2022. In general, imports saw a noticeable reduction. The pace of growth appeared the most rapid in 2018 with an increase of 166%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of granite block to South Korea, with a 71% share of total imports. Moreover, granite block imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+117.2% per year) and India (-16.0% per year).

In value terms, the United States ($X), China ($X) and Canada ($X) appeared to be the largest granite block suppliers to South Korea, together comprising 95% of total imports.

Canada, with a CAGR of +645.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average granite block import price amounted to $X per ton, picking up by 8% against the previous year. Over the period under review, the import price, however, continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 74% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+23.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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