Republic of Korea: Leather Market 2022

Leather Market Size in Republic of Korea

In 2021, the South Korean leather market increased by 12% to $X, rising for the second year in a row after two years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Leather Production in Republic of Korea

In value terms, leather production totaled $X in 2021 estimated in export price. Overall, production, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 16% against the previous year. Leather production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Leather Exports

Exports from Republic of Korea

In 2021, exports of leather from South Korea rose slightly to X tons, surging by 4.8% on the year before. In general, exports, however, showed a deep setback. The pace of growth was the most pronounced in 2019 with an increase of 17%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, leather exports dropped modestly to $X in 2021. Overall, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 11%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons), China (X tons) and Indonesia (X tons) were the main destinations of leather exports from South Korea, with a combined 35% share of total exports. These countries were followed by Cambodia, India, the Philippines, Nigeria, Hong Kong SAR and Japan, which together accounted for a further 21%.

From 2012 to 2021, the biggest increases were in Nigeria (with a CAGR of +61.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) emerged as the key foreign market for leather exports from South Korea, comprising 23% of total exports. The second position in the ranking was held by Indonesia ($X), with an 11% share of total exports. It was followed by Cambodia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-7.2% per year) and Cambodia (+43.7% per year).

Export Prices by Country

The average leather export price stood at $X per ton in 2021, declining by -8.8% against the previous year. Overall, the export price continues to indicate a slight downturn. The pace of growth was the most pronounced in 2016 an increase of 16%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Nigeria ($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 Japan (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Imports

Imports into Republic of Korea

In 2021, approx. X tons of leather were imported into South Korea; which is down by -5.7% against 2020. Overall, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 55% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, leather imports surged to $X in 2021. In general, imports saw a abrupt decrease. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Brazil (X tons), Italy (X tons) and China (X tons) were the main suppliers of leather imports to South Korea, with a combined 60% share of total imports. Vietnam, the United States, India, South Africa, Turkey, Mexico, Germany, Indonesia, Thailand and Pakistan lagged somewhat behind, together accounting for a further 51%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +21.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of leather to South Korea, comprising 31% of total imports. The second position in the ranking was taken by Brazil ($X), with a 15% share of total imports. It was followed by China, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Italy amounted to -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-6.6% per year) and China (+1.5% per year).

Import Prices by Country

The average leather import price stood at $X per ton in 2021, increasing by 35% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather import price increased by +36.7% against 2019 indices. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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