Republic of Korea: Metal Office Furniture Market 2024

Metal Office Furniture Market Size in Republic of Korea

The South Korean metal office furniture market fell to $X in 2022, which is down by -7.2% against the previous year. In general, consumption, however, saw resilient growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Metal Office Furniture Production in Republic of Korea

In value terms, metal office furniture production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw buoyant growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 53%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Metal Office Furniture Exports

Exports from Republic of Korea

For the tenth consecutive year, South Korea recorded decline in shipments abroad of metal office furniture, which decreased by -15.2% to X tons in 2022. In general, exports saw a abrupt contraction. The smallest decline of -2.2% was in 2015. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal office furniture exports rose slightly to $X in 2022. Overall, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 4.9% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for metal office furniture exports from South Korea, with a 37% share of total exports. Moreover, metal office furniture exports to the United States exceeded the volume sent to the second major destination, Kenya (X tons), threefold. The Philippines (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (+0.7% per year) and the Philippines (-24.8% per year).

In value terms, the United States ($X) remains the key foreign market for metal office furniture exports from South Korea, comprising 46% of total exports. The second position in the ranking was held by New Zealand ($X), with a 9.5% share of total exports. It was followed by China, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+49.4% per year) and China (+11.6% per year).

Export Prices by Country

In 2022, the average metal office furniture export price amounted to $X per ton, surging by 24% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal office furniture export price increased by +53.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 25%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Office Furniture Imports

Imports into Republic of Korea

After five years of growth, purchases abroad of metal office furniture decreased by -29.5% to X tons in 2022. Over the period under review, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2015 when imports increased by 61% against the previous year. Imports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, metal office furniture imports dropped dramatically to $X in 2022. In general, imports, however, showed buoyant growth. The growth pace was the most rapid in 2021 when imports increased by 48%. As a result, imports attained the peak of $X, and then reduced notably in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of metal office furniture to South Korea, with a approx. 94% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +6.5%.

In value terms, China ($X) constituted the largest supplier of metal office furniture to South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +10.0%.

Import Prices by Country

The average metal office furniture import price stood at $X per ton in 2022, rising by 19% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal office furniture import price increased by +64.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 38% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +3.2% per year.

Source: IndexBox Platform

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