Republic of Korea: Razor Market 2024

Razor Market Size in Republic of Korea

The South Korean razor market contracted to $X in 2021, falling by -12.9% against the previous year. In general, consumption showed a abrupt descent. Razor consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Razor Production in Republic of Korea

In value terms, razor production reduced to $X in 2021 estimated in export price. Overall, production saw a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 34% against the previous year. Razor production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Razor Exports

Exports from Republic of Korea

In 2021, shipments abroad of razors increased by 15% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 134%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, razor exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 142%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for razor exports from South Korea, accounting for a 54% share of total exports. Moreover, razor exports to Vietnam exceeded the volume sent to the second major destination, Uzbekistan (X tons), fourfold. The United States (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled +33.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+174.7% per year) and the United States (-14.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for razors exports from South Korea, comprising 71% of total exports. The second position in the ranking was held by the United States ($X), with a 9.2% share of total exports. It was followed by Uzbekistan, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +39.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-11.3% per year) and Uzbekistan (+141.8% per year).

Export Prices by Country

In 2021, the average razor export price amounted to $X per ton, picking up by 1.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +5.2%. The pace of growth appeared the most rapid in 2020 an increase of 42% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to Uzbekistan ($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 the United Arab Emirates (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Razor Imports

Imports into Republic of Korea

In 2021, overseas purchases of razors decreased by -6.4% to X tons, falling for the fourth year in a row after three years of growth. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 20%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, razor imports reduced to $X in 2021. The total import value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 21% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest razor supplier to South Korea, with a 73% share of total imports. Moreover, razor imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Poland (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam totaled +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.4% per year) and Poland (-3.9% per year).

In value terms, Vietnam ($X), China ($X) and Poland ($X) appeared to be the largest razor suppliers to South Korea, with a combined 88% share of total imports.

Vietnam, with a CAGR of +15.9%, 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 mixed trend patterns.

Import Prices by Country

The average razor import price stood at $X per ton in 2021, reducing by -4.3% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2019 when the average import price increased by 18% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 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 Poland ($X per ton), while the price for Vietnam ($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 (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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