Republic of Korea: Greasy Wool Market 2024

Greasy Wool Market Size in Republic of Korea

The South Korean greasy wool market reduced to $X in 2022, waning by -6.5% against the previous year. In general, consumption, however, saw a perceptible setback. Greasy wool consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Greasy Wool Production in Republic of Korea

In value terms, greasy wool production totaled $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. Over the period under review, production hit record highs in 2022 and is expected to retain growth in the immediate term.

Greasy Wool Exports

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in overseas shipments of greasy wool, when their volume increased by 288% to X tons. In general, exports continue to indicate buoyant growth. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, greasy wool exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for greasy wool exports from South Korea, with a 84% share of total exports. Moreover, greasy wool exports to Vietnam exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold. The Philippines (X kg) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +97.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+19.6% per year) and the Philippines (+43.1% per year).

In value terms, Vietnam ($X), the Philippines ($X) and China ($X) appeared to be the largest markets for greasy wool exported from South Korea worldwide, with a combined 71% share of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +57.0%, recorded 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 greasy wool export price stood at $X per ton in 2022, waning by -33.4% against the previous year. Over the period under review, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2020 when the average export price increased by 90% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a 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 China ($X per ton), while the average price for exports to Vietnam ($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 China (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Greasy Wool Imports

Imports into Republic of Korea

In 2022, the amount of greasy wool imported into South Korea dropped remarkably to X kg, falling by -99.8% against the year before. In general, imports recorded a significant curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 112% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, greasy wool imports contracted significantly to $X in 2022. Overall, imports continue to indicate a sharp decline. The most prominent rate of growth was recorded in 2013 when imports increased by 241% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X kg) was the main supplier of greasy wool to South Korea, accounting for a 96% share of total imports. Moreover, greasy wool imports from Japan exceeded the figures recorded by the second-largest supplier, China (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Japan was relatively modest.

In value terms, Japan ($X) constituted the largest supplier of greasy wool to South Korea, comprising 99% of total imports. The second position in the ranking was held by China ($X), with a 1.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Japan was relatively modest.

Import Prices by Country

The average greasy wool import price stood at $X per ton in 2022, which is down by -28.9% against the previous year. Overall, the import price, however, recorded a slight increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 61% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, 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 Japan ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+39.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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