Republic of Korea: Men Knitwear Market 2025

Men Knitwear Market Size in Republic of Korea

In 2022, the South Korean men knitwear market increased by 26% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption posted buoyant growth. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Men Knitwear Production in Republic of Korea

In value terms, men knitwear production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2020 when the production volume increased by 74%. Men knitwear production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Men Knitwear Exports

Exports from Republic of Korea

In 2022, overseas shipments of men's or boys' clothing (knitted or crocheted) decreased by -38.7% to X units, falling for the second consecutive year after nine years of growth. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 340%. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, men knitwear exports shrank significantly to $X in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 373%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for men knitwear exports from South Korea, accounting for a 69% share of total exports. Moreover, men knitwear exports to Japan exceeded the volume sent to the second major destination, the United States (X units), sixfold. China (X units) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +100.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+92.9% per year) and China (+65.6% per year).

In value terms, Japan ($X) remains the key foreign market for men's or boys' clothing (knitted or crocheted) exports from South Korea, comprising 61% of total exports. The second position in the ranking was taken by China ($X), with a 10% share of total exports. It was followed by the United States, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at +42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+34.5% per year) and the United States (+32.6% per year).

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, jumping by 22% against the previous year. Over the period under review, the export price, however, continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 China ($X per unit), while the average price for exports to Libya ($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 Libya (-9.9%), while the prices for the other major destinations experienced a decline.

Men Knitwear Imports

Imports into Republic of Korea

For the eleventh year in a row, South Korea recorded growth in supplies from abroad of men's or boys' clothing (knitted or crocheted), which increased by 18% to X units in 2022. Overall, imports saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 109%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, men knitwear imports expanded significantly to $X in 2022. In general, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2015 when imports increased by 28% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Vietnam (X units), China (X units) and Bangladesh (X units) were the main suppliers of men knitwear imports to South Korea, with a combined 73% share of total imports. Cambodia, Indonesia, Myanmar, Pakistan and Italy lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Pakistan (with a CAGR of +78.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and Bangladesh ($X) constituted the largest men knitwear suppliers to South Korea, together accounting for 72% of total imports. Cambodia, Indonesia, Italy, Myanmar and Pakistan lagged somewhat behind, together comprising a further 17%.

Pakistan, with a CAGR of +36.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average men knitwear import price amounted to $X per unit, shrinking by -6.6% against the previous year. In general, the import price saw a abrupt decrease. The growth pace was the most rapid in 2021 an increase of 7.2%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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