Republic of Korea: Market for Non-Upholstered Seats With Wooden Frames 2024

Market Size for Non-Upholstered Seats With Wooden Frames in Republic of Korea

In 2022, the South Korean wooden frame non-upholstered seat market decreased by -19.8% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank significantly in the following year.

Exports of Non-Upholstered Seats With Wooden Frames

Exports from Republic of Korea

In 2022, approx. X units of non-upholstered seats with wooden frames were exported from South Korea; picking up by 62% on the previous year's figure. Overall, exports enjoyed mild growth. The most prominent rate of growth was recorded in 2016 with an increase of 63% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, wooden frame non-upholstered seat exports skyrocketed to $X in 2022. In general, exports recorded a modest expansion. The most prominent rate of growth was recorded in 2017 with an increase of 67%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units), the Philippines (X units) and Hong Kong SAR (X units) were the main destinations of wooden frame non-upholstered seat exports from South Korea, together accounting for 69% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +84.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden frame non-upholstered seat exported from South Korea were the United States ($X), the Philippines ($X) and Hong Kong SAR ($X), together comprising 68% of total exports.

Hong Kong SAR, with a CAGR of +85.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average wooden frame non-upholstered seat export price amounted to $X per unit, leveling off at the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per unit) and China ($X per unit), while the average price for exports to Singapore ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+0.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Upholstered Seats With Wooden Frames

Imports into Republic of Korea

In 2022, the amount of non-upholstered seats with wooden frames imported into South Korea fell markedly to X units, reducing by -17.8% on the previous year's figure. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 20% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, wooden frame non-upholstered seat imports contracted markedly to $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 16% against the previous year. Imports peaked at $X in 2021, and then declined sharply in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of wooden frame non-upholstered seat to South Korea, accounting for a 68% share of total imports. Moreover, wooden frame non-upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fourfold. The third position in this ranking was taken by the United States (X units), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+2.8% per year) and the United States (-1.4% per year).

In value terms, China ($X) constituted the largest supplier of non-upholstered seats with wooden frames to South Korea, comprising 68% of total imports. The second position in the ranking was held by Vietnam ($X), with a 17% share of total imports. It was followed by the United States, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+6.2% per year) and the United States (+1.9% per year).

Import Prices by Country

The average wooden frame non-upholstered seat import price stood at $X per unit in 2022, waning by -1.8% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden frame non-upholstered seat import price increased by +11.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 49%. The import price peaked at $X per unit in 2021, and then contracted modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per unit) and Vietnam ($X per unit), while the price for Thailand ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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