Republic of Korea: Ink-Pad Market 2024

Ink-Pad Market Size in Republic of Korea

The South Korean ink-pad market shrank to $X in 2022, reducing by -13.1% against the previous year. Overall, consumption faced a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Ink-Pad Production in Republic of Korea

In value terms, ink-pad production contracted to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt setback. The pace of growth appeared the most rapid in 2021 when the production volume increased by 12%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Ink-Pad Exports

Exports from Republic of Korea

In 2022, shipments abroad of ink-pads was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 135%. Over the period under review, the exports reached the peak figure at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ink-pad exports rose rapidly to $X in 2022. In general, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 86% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units), Brazil (X units) and Saudi Arabia (X units) were the main destinations of ink-pad exports from South Korea, together comprising 36% of total exports. Israel, the United States, Russia, Turkey, Estonia, Taiwan (Chinese), Malaysia, Canada, Lithuania and Indonesia lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +27.5%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), China ($X) and Malaysia ($X) constituted the largest markets for ink-pad exported from South Korea worldwide, with a combined 37% share of total exports. Turkey, Estonia, Saudi Arabia, Israel, Indonesia, Taiwan (Chinese), the United States, Russia, Canada and Lithuania lagged somewhat behind, together accounting for a further 26%.

Saudi Arabia, with a CAGR of +22.0%, saw the highest rates of growth with regard to 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

The average ink-pad export price stood at $X per unit in 2022, dropping by -8.5% against the previous year. Overall, the export price recorded a abrupt contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by 16% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 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 Malaysia ($X per unit), while the average price for exports to Russia (less than $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 Estonia (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ink-Pad Imports

Imports into Republic of Korea

In 2022, after six years of growth, there was significant decline in purchases abroad of ink-pads, when their volume decreased by -21.3% to X units. Overall, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 115%. Over the period under review, imports attained the maximum at X units in 2021, and then declined markedly in the following year.

In value terms, ink-pad imports contracted to $X in 2022. In general, total imports indicated a moderate expansion 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, imports increased by +59.1% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of ink-pad to South Korea, with a 78% share of total imports. Moreover, ink-pad imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), ninefold. The third position in this ranking was taken by Japan (X units), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+37.4% per year) and Japan (-0.8% per year).

In value terms, China ($X) constituted the largest supplier of ink-pads to South Korea, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.6% per year) and Taiwan (Chinese) (+16.6% per year).

Import Prices by Country

In 2022, the average ink-pad import price amounted to $X per unit, surging by 17% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2015 an increase of 23%. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a 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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+19.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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