Republic of Korea: Ink Market 2024

Ink Market Size in Republic of Korea

The South Korean ink market fell rapidly to $X in 2021, reducing by -17.8% against the previous year. Over the period under review, consumption recorded a noticeable descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Ink Production in Republic of Korea

In value terms, ink production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 21% against the previous year. Ink production peaked at $X in 2020, and then declined in the following year.

Ink Exports

Exports from Republic of Korea

In 2021, approx. X tons of inks (excluding printing ink) were exported from South Korea; increasing by 6.5% on the previous year. The total export volume increased at an average annual rate of +6.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when exports increased by 25% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, ink exports rose remarkably to $X in 2021. The total export value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 21%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for ink exports from South Korea, accounting for a 48% share of total exports. Moreover, ink exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), eightfold. The third position in this ranking was taken by India (X tons), with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+0.3% per year) and India (-4.1% per year).

In value terms, China ($X) remains the key foreign market for inks (excluding printing ink) exports from South Korea, comprising 33% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+14.3% per year) and Hong Kong SAR (+21.0% per year).

Export Prices by Country

In 2021, the average ink export price amounted to $X per ton, flattening at the previous year. Over the period under review, the export price recorded a mild decrease. The growth pace was the most rapid in 2018 an increase of 6.4% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the 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 ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Ink Imports

Imports into Republic of Korea

In 2021, the amount of inks (excluding printing ink) imported into South Korea fell to X tons, dropping by -2.7% against the year before. Over the period under review, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2017 when imports increased by 13% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, ink imports rose significantly to $X in 2021. Overall, imports recorded a noticeable shrinkage. The growth pace was the most rapid in 2017 with an increase of 25%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest ink supplier to South Korea, with a 33% share of total imports. Moreover, ink imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at -12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+1.3% per year) and Taiwan (Chinese) (-1.1% per year).

In value terms, Japan ($X) constituted the largest supplier of inks (excluding printing ink) to South Korea, comprising 66% of total imports. The second position in the ranking was taken by China ($X), with a 5.5% share of total imports. It was followed by the UK, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.7% per year) and the UK (+8.3% per year).

Import Prices by Country

The average ink import price stood at $X per ton in 2021, surging by 13% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 20% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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