Republic of Korea: Market for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike 2024

Market Size for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in Republic of Korea

The South Korean gum or wood oils market soared to $X in 2022, rising by X% 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). Overall, consumption recorded a temperate expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Exports from Republic of Korea

In 2022, shipments abroad of gum, wood or sulphate turpentine oils, pine oil and other alike decreased by X% to X kg for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, gum or wood oils exports reduced notably to $X in 2022. In general, exports, however, saw a perceptible increase. The pace of growth was the most pronounced in 2018 with an increase of X%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X kg), Lithuania (X kg) and Bangladesh (X kg) were the main destinations of gum or wood oils exports from South Korea, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Hong Kong SAR ($X) and Lithuania ($X) appeared to be the largest markets for gum or wood oils exported from South Korea worldwide, with a combined X% share of total exports. Bangladesh and Malaysia lagged somewhat behind, together comprising a further X%.

Bangladesh, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of 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 gum or wood oils export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 an increase of X%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Lithuania ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Imports into Republic of Korea

In 2022, gum or wood oils imports into South Korea skyrocketed to X tons, with an increase of X% on the year before. Over the period under review, total imports indicated pronounced growth 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 decreased by X% against 2020 indices. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, gum or wood oils imports skyrocketed to $X in 2022. Overall, imports showed measured growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Vietnam (X tons), the United States (X tons) and China (X tons) were the main suppliers of gum or wood oils imports to South Korea, together accounting for X% of total imports. The UK, Belgium and Japan lagged somewhat behind, together accounting for a further X%.

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

In value terms, the United States ($X), China ($X) and Vietnam ($X) were the largest gum or wood oils suppliers to South Korea, with a combined X% share of total imports. The UK, Belgium and Japan lagged somewhat behind, together accounting for a further X%.

The UK, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 gum or wood oils import price amounted to $X per ton, falling by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, and then shrank modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, 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 more modest paces of growth.

Source: IndexBox Platform

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