Republic of Korea: Non-Knitted Men Apparel Market 2024

Non-Knitted Men Apparel Market Size in Republic of Korea

The South Korean non-knitted men apparel market expanded sharply to $X in 2022, surging by 12% against the previous year. In general, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +77.4% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the near future.

Non-Knitted Men Apparel Production in Republic of Korea

In value terms, non-knitted men apparel production expanded sharply to $X in 2022 estimated in export price. In general, production enjoyed modest growth. The growth pace was the most rapid in 2019 with an increase of 618% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Non-Knitted Men Apparel Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of men's or boys' clothing (not knitted or crocheted) decreased by -17.9% to X units in 2022. In general, exports, however, saw a mild expansion. The pace of growth was the most pronounced in 2014 when exports increased by 53%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-knitted men apparel exports reached $X in 2022. Overall, exports, however, showed a prominent expansion. The growth pace was the most rapid in 2013 with an increase of 49%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

China (X units) was the main destination for non-knitted men apparel exports from South Korea, with a 42% share of total exports. Moreover, non-knitted men apparel exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X units), fivefold. The United States (X units) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+7.6% per year) and the United States (+19.7% per year).

In value terms, China ($X) remains the key foreign market for men's or boys' clothing (not knitted or crocheted) exports from South Korea, comprising 46% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 9.7% share of total exports. It was followed by Hong Kong SAR, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+44.6% per year) and Hong Kong SAR (+10.8% per year).

Export Prices by Country

The average non-knitted men apparel export price stood at $X per unit in 2022, growing by 22% against the previous year. Overall, the export price recorded a pronounced expansion. The pace of growth was the most pronounced in 2016 when the average export price increased by 56%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Saudi Arabia ($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 Vietnam (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Knitted Men Apparel Imports

Imports into Republic of Korea

In 2022, approx. X units of men's or boys' clothing (not knitted or crocheted) were imported into South Korea; picking up by 28% compared with the previous year. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.8% 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 +30.7% against 2020 indices. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-knitted men apparel imports expanded remarkably to $X in 2022. The total import value increased at an average annual rate of +5.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 34%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X units) constituted the largest non-knitted men apparel supplier to South Korea, with a 43% share of total imports. Moreover, non-knitted men apparel imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Myanmar (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.8% per year) and Myanmar (-1.6% per year).

In value terms, Vietnam ($X) constituted the largest supplier of men's or boys' clothing (not knitted or crocheted) to South Korea, comprising 46% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Indonesia, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam stood at +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.4% per year) and Indonesia (+7.0% per year).

Import Prices by Country

In 2022, the average non-knitted men apparel import price amounted to $X per unit, shrinking by -10.9% against the previous year. Overall, the import price showed a slight reduction. The most prominent rate of growth was recorded in 2013 when the average import price increased by 32% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Myanmar ($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 (+9.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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