Republic of Korea: Fishing Rod Market 2024

Fishing Rod Market Size in Republic of Korea

In 2021, the South Korean fishing rod market increased by 17% to $X, rising for the fifth year in a row after four years of decline. Overall, consumption saw a mild increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Fishing Rod Exports

Exports from Republic of Korea

In 2021, the amount of fishing rods and other line fishing tackle exported from South Korea surged to X tons, increasing by 22% on 2020. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, fishing rod exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), China (X tons) and Vietnam (X tons) were the main destinations of fishing rod exports from South Korea, with a combined 34% share of total exports. These countries were followed by Uruguay, Peru, Japan, Cambodia, Paraguay, Spain, the Philippines, Argentina, Russia and Indonesia, which together accounted for a further 31%.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +67.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for fishing rods and other line fishing tackle exports from South Korea, comprising 36% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by Japan, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.6% per year) and Japan (-0.3% per year).

Export Prices by Country

The average fishing rod export price stood at $X per ton in 2021, with an increase of 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Uruguay ($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 Russia (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Fishing Rod Imports

Imports into Republic of Korea

Fishing rod imports into South Korea skyrocketed to X tons in 2021, rising by 20% on 2020. In general, imports recorded resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 22%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, fishing rod imports soared to $X in 2021. Over the period under review, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2018 when imports increased by 28% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest fishing rod supplier to South Korea, accounting for a 81% share of total imports. Moreover, fishing rod imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. Vietnam (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+15.0% per year) and Vietnam (+7.2% per year).

In value terms, China ($X) constituted the largest supplier of fishing rods and other line fishing tackle to South Korea, comprising 53% of total imports. The second position in the ranking was taken by Japan ($X), with a 22% share of total imports. It was followed by Vietnam, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.4% per year) and Vietnam (+15.5% per year).

Import Prices by Country

In 2021, the average fishing rod import price amounted to $X per ton, reducing by -2.4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 12% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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