Republic of Korea: Plastic Household Articles Market 2024

Plastic Household Articles Market Size in Republic of Korea

The South Korean plastic household articles market fell to $X in 2022, which is down by -6.8% against the previous year. Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.3% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Plastic Household Articles Production in Republic of Korea

In value terms, plastic household articles production fell to $X in 2022 estimated in export price. In general, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.3% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 76%. Plastic household articles production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Plastic Household Articles Exports

Exports from Republic of Korea

In 2022, approx. X tons of household articles and toilet articles of plastics were exported from South Korea; declining by -14.5% on the year before. Over the period under review, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 39%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, plastic household articles exports contracted dramatically to $X in 2022. In general, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

The United States (X tons) was the main destination for plastic household articles exports from South Korea, accounting for a 43% share of total exports. Moreover, plastic household articles exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.3% per year) and China (-3.6% per year).

In value terms, the United States ($X) remains the key foreign market for household articles and toilet articles of plastics exports from South Korea, comprising 43% of total exports. The second position in the ranking was held by China ($X), with a 19% share of total exports. It was followed by Japan, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+5.5% per year) and Japan (-2.1% per year).

Export Prices by Country

The average plastic household articles export price stood at $X per ton in 2022, which is down by -4.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2016 an increase of 21% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Northern Mariana Islands ($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 Vietnam (+15.9%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Household Articles Imports

Imports into Republic of Korea

In 2022, after seven years of growth, there was significant decline in purchases abroad of household articles and toilet articles of plastics, when their volume decreased by -10.7% to X tons. In general, imports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2020 with an increase of 38%. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, plastic household articles imports contracted to $X in 2022. Overall, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest plastic household articles supplier to South Korea, with a 73% share of total imports. Moreover, plastic household articles imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+25.8% per year) and Taiwan (Chinese) (+3.7% per year).

In value terms, China ($X) constituted the largest supplier of household articles and toilet articles of plastics to South Korea, comprising 73% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 7.3% share of total imports. It was followed by Thailand, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+18.7% per year) and Thailand (-4.4% per year).

Import Prices by Country

The average plastic household articles import price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the import price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 7.3%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Thailand ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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