Republic of Korea: Sawnwood (Coniferous) Market 2024

Sawnwood (Coniferous) Market Size in Republic of Korea

The South Korean sawnwood (coniferous) market soared to $X in 2022, growing by 33% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Sawnwood (Coniferous) Production in Republic of Korea

In value terms, sawnwood (coniferous) production rose markedly to $X in 2022 estimated in export price. In general, production recorded a noticeable expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by 34%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Sawnwood (Coniferous) Exports

Exports from Republic of Korea

In 2022, shipments abroad of sawnwood (coniferous) increased by 1,193% to X cubic meters, rising for the third consecutive year after three years of decline. Overall, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sawnwood (coniferous) exports soared to $X in 2022. Over the period under review, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X cubic meters), the United States (X cubic meters) and Japan (X cubic meters) were the main destinations of sawnwood (coniferous) exports from South Korea, with a combined 99% share 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 the United States (with a CAGR of +120.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sawnwood (coniferous) exported from South Korea were Japan ($X), China ($X) and the United States ($X), with a combined 99% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +173.6%, recorded 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

The average sawnwood (coniferous) export price stood at $X per cubic meter in 2022, rising by 6.3% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sawnwood (coniferous) export price decreased by -12.7% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of 26% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per cubic meter in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per cubic meter), while the average price for exports to China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+24.2%), while the prices for the other major destinations experienced more modest paces of growth.

Sawnwood (Coniferous) Imports

Imports into Republic of Korea

In 2022, supplies from abroad of sawnwood (coniferous) increased by 67% to X cubic meters, rising for the third year in a row after three years of decline. Overall, imports, however, showed a perceptible descent. Over the period under review, imports hit record highs at X cubic meters in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, sawnwood (coniferous) imports skyrocketed to $X in 2022. In general, imports continue to indicate slight growth. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Chile (X cubic meters) constituted the largest sawnwood (coniferous) supplier to South Korea, with a 39% share of total imports. Moreover, sawnwood (coniferous) imports from Chile exceeded the figures recorded by the second-largest supplier, Russia (X cubic meters), twofold. New Zealand (X cubic meters) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-4.6% per year) and New Zealand (-7.6% per year).

In value terms, Chile ($X), Russia ($X) and Germany ($X) appeared to be the largest sawnwood (coniferous) suppliers to South Korea, together accounting for 58% of total imports. Sweden, New Zealand, Latvia, Lithuania, Canada and China lagged somewhat behind, together comprising a further 31%.

Among the main suppliers, Sweden, with a CAGR of +26.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sawnwood (coniferous) import price stood at $X per cubic meter in 2022, with a decrease of -16.3% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sawnwood (coniferous) import price decreased by -27.0% against 2019 indices. The pace of growth appeared the most rapid in 2018 an increase of 54%. The import price peaked at $X per cubic meter in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per cubic meter), while the price for Chile ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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