Republic of Korea: Leather Sports Gloves Market 2024

Leather Sports Gloves Market Size in Republic of Korea

For the third year in a row, the South Korean leather sports gloves market recorded growth in sales value, which increased by 25% to $X in 2022. Overall, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +51.9% against 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Leather Sports Gloves Exports

Exports from Republic of Korea

In 2022, the amount of leather sports gloves, mittens and mitts exported from South Korea fell to X units, declining by -6.8% compared with the previous year. Over the period under review, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 720%. As a result, the exports attained the peak of X units, and then shrank in the following year.

In value terms, leather sports gloves exports surged to $X in 2022. In general, exports, however, recorded strong growth. The growth pace was the most rapid in 2021 with an increase of 581% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Canada (X units) was the main destination for leather sports gloves exports from South Korea, accounting for a 70% share of total exports. Moreover, leather sports gloves exports to Canada exceeded the volume sent to the second major destination, Japan (X units), sevenfold. The United States (X units) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to Canada stood at +85.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.9% per year) and the United States (-7.7% per year).

In value terms, Canada ($X) remains the key foreign market for leather sports gloves, mittens and mitts exports from South Korea, comprising 84% of total exports. The second position in the ranking was held by the United States ($X), with a 4.3% share of total exports. It was followed by Japan, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at +92.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-12.8% per year) and Japan (-10.2% per year).

Export Prices by Country

The average leather sports gloves export price stood at $X per unit in 2022, increasing by 34% against the previous year. Overall, the export price continues to indicate a moderate increase. The pace of growth appeared the most rapid in 2020 an increase of 79% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Myanmar ($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 Canada (+3.7%), while the prices for the other major destinations experienced mixed trend patterns.

Leather Sports Gloves Imports

Imports into Republic of Korea

Leather sports gloves imports into South Korea rose rapidly to X units in 2022, surging by 12% against the year before. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, leather sports gloves imports soared to $X in 2022. Overall, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.3% 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 +75.4% against 2014 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X units) constituted the largest leather sports gloves supplier to South Korea, with a 58% share of total imports. Moreover, leather sports gloves imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Pakistan (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.3% per year) and Pakistan (+1.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of leather sports gloves, mittens and mitts to South Korea, comprising 57% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 12% share of total imports. It was followed by Thailand, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+20.5% per year) and Thailand (+10.1% per year).

Import Prices by Country

The average leather sports gloves import price stood at $X per unit in 2022, with an increase of 13% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, leather sports gloves import price increased by +43.2% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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