Republic of Korea: Plastic Headgear Market 2024

Plastic Headgear Exports

Exports from Republic of Korea

After two years of decline, overseas shipments of headgear of rubber or plastic increased by 27% to X units in 2022. Overall, exports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 223%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, plastic headgear exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 208% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X units), the United States (X units) and the Philippines (X units) were the main destinations of plastic headgear exports from South Korea, with a combined 56% share 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 the Philippines (with a CAGR of +38.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic headgear exported from South Korea were Japan ($X), the United States ($X) and Hong Kong SAR ($X), with a combined 59% share of total exports. China, Taiwan (Chinese), Vietnam and the Philippines lagged somewhat behind, together accounting for a further 23%.

The Philippines, with a CAGR of +27.5%, recorded the highest growth rate of the value of exports, among 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

In 2022, the average plastic headgear export price amounted to $X per unit, jumping by 35% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kazakhstan (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Headgear Imports

Imports into Republic of Korea

After three years of decline, overseas purchases of headgear of rubber or plastic increased by 3% to X units in 2022. Overall, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 37%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, plastic headgear imports rose significantly to $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 -33.7% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 57% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic headgear to South Korea, accounting for a 72% share of total imports. Moreover, plastic headgear imports from China exceeded the figures recorded by the second-largest supplier, the Philippines (X units), sixfold. Myanmar (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+226.8% per year) and Myanmar (+24.6% per year).

In value terms, China ($X) constituted the largest supplier of headgear of rubber or plastic to South Korea, comprising 74% of total imports. The second position in the ranking was taken by the United States ($X), with a 5.8% share of total imports. It was followed by Myanmar, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.1% per year) and Myanmar (+26.6% per year).

Import Prices by Country

The average plastic headgear import price stood at $X per unit in 2022, increasing by 9.9% against the previous year. Overall, the import price, however, continues to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2014 an increase of 15%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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