Republic of Korea: Sandstone Market 2024

Sandstone Market Size in Republic of Korea

The South Korean sandstone market reduced to $X in 2022, which is down by -5.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption faced a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Sandstone Exports

Exports from Republic of Korea

In 2022, exports of sandstone from South Korea contracted to X tons, with a decrease of -5.8% compared with 2021. Over the period under review, exports showed a precipitous setback. The most prominent rate of growth was recorded in 2017 when exports increased by 391% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, sandstone exports dropped to $X in 2022. In general, exports showed a sharp descent. The most prominent rate of growth was recorded in 2017 when exports increased by 764%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for sandstone exports from South Korea, with a 89% share of total exports. Moreover, sandstone exports to Thailand exceeded the volume sent to the second major destination, China (X kg), more than tenfold. Indonesia (X kg) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +65.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-55.0% per year) and Indonesia (-17.6% per year).

In value terms, Singapore ($X) remains the key foreign market for sandstone exports from South Korea, comprising 59% of total exports. The second position in the ranking was taken by China ($X), with a 5% share of total exports. It was followed by Indonesia, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore totaled +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-41.7% per year) and Indonesia (-16.6% per year).

Export Prices by Country

The average sandstone export price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the export price enjoyed significant growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 158% against the previous year. The export price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

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 Singapore ($X per ton), while the average price for exports to Thailand ($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 China (+29.6%), while the prices for the other major destinations experienced more modest paces of growth.

Sandstone Imports

Imports into Republic of Korea

In 2022, the amount of sandstone imported into South Korea contracted to X tons, falling by -5.9% against 2021 figures. Overall, imports faced a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 29% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, sandstone imports dropped to $X in 2022. In general, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of 26% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest sandstone supplier to South Korea, accounting for a 79% share of total imports. Moreover, sandstone imports from India exceeded the figures recorded by the second-largest supplier, Pakistan (X tons), ninefold. The third position in this ranking was held by China (X tons), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to -13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Pakistan (+27.9% per year) and China (+18.5% per year).

In value terms, India ($X) constituted the largest supplier of sandstone to South Korea, comprising 64% of total imports. The second position in the ranking was taken by Spain ($X), with a 6.7% share of total imports. It was followed by China, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at -17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-8.6% per year) and China (-3.2% per year).

Import Prices by Country

In 2022, the average sandstone import price amounted to $X per ton, approximately equating the previous year. Over the period under review, the import price, however, recorded a pronounced downturn. The pace of growth appeared the most rapid in 2013 an increase of 10% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, 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 Spain ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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