Republic of Korea: Cotton Bag Market 2025

Cotton Bag Market Size in Republic of Korea

In 2021, after two years of growth, there was significant decline in the South Korean cotton bag market, when its value decreased by -26.7% to $X. Overall, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +57.1% against 2018 indices. As a result, consumption reached the peak level of $X, and then dropped rapidly in the following year.

Cotton Bag Production in Republic of Korea

In value terms, cotton bag production contracted remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a slight expansion. The growth pace was the most rapid in 2020 when the production volume increased by 125%. As a result, production reached the peak level of $X, and then reduced dramatically in the following year.

Cotton Bag Exports

Exports from Republic of Korea

In 2021, approx. X tons of sacks and bags of cotton were exported from South Korea; increasing by 121% on 2020 figures. In general, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 631% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, cotton bag exports skyrocketed to $X in 2021. Overall, exports showed strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 840%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons), Italy (X tons) and Mexico (X tons) were the main destinations of cotton bag exports from South Korea, together comprising 33% of total exports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +54.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cotton bag exported from South Korea were Italy ($X), Mexico ($X) and the United States ($X), together comprising 59% of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +96.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cotton bag export price amounted to $X per ton, with a decrease of -29.4% against the previous year. Over the period under review, the export price, however, enjoyed a noticeable expansion. The pace of growth appeared the most rapid in 2019 when the average export price increased by 60% against the previous year. The export price peaked at $X per ton in 2020, and then fell rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Cameroon ($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 Italy (+27.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton Bag Imports

Imports into Republic of Korea

In 2021, supplies from abroad of sacks and bags of cotton decreased by -1.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 1,321% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, cotton bag imports expanded modestly to $X in 2021. Over the period under review, imports, however, showed significant growth. The growth pace was the most rapid in 2014 with an increase of 1,383% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and Bangladesh (X tons) were the main suppliers of cotton bag imports to South Korea, together accounting for 75% of total imports. These countries were followed by Pakistan, Sri Lanka, Italy and France, which together accounted for a further 8.9%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of +108.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Sri Lanka ($X) appeared to be the largest cotton bag suppliers to South Korea, together accounting for 72% of total imports.

Sri Lanka, with a CAGR of +85.4%, saw the highest rates of growth with regard to 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 2021, the average cotton bag import price amounted to $X per ton, rising by 6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 36% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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