Republic of Korea: Market for Leather Further Prepared After Tanning or Crusting 2025

Market Size for Leather Further Prepared After Tanning or Crusting in Republic of Korea

In 2021, the South Korean market for leather further prepared after tanning or crusting was finally on the rise to reach $X for the first time since 2013, thus ending a seven-year declining trend. In general, consumption, however, continues to indicate a deep setback. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Leather Further Prepared After Tanning or Crusting in Republic of Korea

In value terms, production of leather further prepared after tanning or crusting soared to $X in 2021 estimated in export price. In general, production, however, saw a abrupt descent. Production of peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Leather Further Prepared After Tanning or Crusting

Exports from Republic of Korea

For the ninth consecutive year, South Korea recorded decline in overseas shipments of leather further prepared after tanning or crusting, which decreased by -0.5% to X tons in 2021. In general, exports showed a abrupt downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of leather further prepared after tanning or crusting reduced to $X in 2021. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 2.9%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for exports of leather further prepared after tanning or crusting from South Korea, with a 39% share of total exports. Moreover, exports of leather further prepared after tanning or crusting to Vietnam exceeded the volume sent to the second major destination, Estonia (X tons), threefold. Russia (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam stood at +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+39.6% per year) and Russia (-21.3% per year).

In value terms, Vietnam ($X), Estonia ($X) and the United States ($X) appeared to be the largest markets for leather further prepared after tanning or crusting exported from South Korea worldwide, together accounting for 42% of total exports.

Estonia, with a CAGR of +22.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average export price for leather further prepared after tanning or crusting amounted to $X per ton, dropping by -9.6% against the previous year. Over the period under review, the export price showed a deep setback. The pace of growth appeared the most rapid in 2019 an increase of 6.5%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Georgia ($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 Lithuania (+7.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Leather Further Prepared After Tanning or Crusting

Imports into Republic of Korea

After three years of decline, supplies from abroad of leather further prepared after tanning or crusting increased by 6.7% to X tons in 2021. Overall, imports, however, recorded a sharp curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 282%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of leather further prepared after tanning or crusting contracted significantly to $X in 2021. In general, imports, however, faced a sharp contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 191%. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X kg), China (X kg) and Hong Kong SAR (X kg) were the main suppliers of imports of leather further prepared after tanning or crusting to South Korea, together accounting for 87% of total imports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +1.2%), while purchases for the other leaders experienced a decline.

In value terms, the largest leather further prepared after tanning or crusting suppliers to South Korea were Thailand ($X), Hong Kong SAR ($X) and China ($X), together accounting for 84% of total imports.

Among the main suppliers, Hong Kong SAR, with a CAGR of +11.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for leather further prepared after tanning or crusting stood at $X per ton in 2021, which is down by -27.4% against the previous year. In general, the import price, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2020 when the average import price increased by 60%. As a result, import price attained the peak level of $X per ton, and then contracted sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform