Republic of Korea: Fromwork Market 2024

Fromwork Market Size in Republic of Korea

The South Korean fromwork market reached $X in 2022, growing by 2.3% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Fromwork Production in Republic of Korea

In value terms, fromwork production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Fromwork Exports

Exports from Republic of Korea

In 2022, shipments abroad of shuttering for concrete constructional work, shingles and shakes, of wood decreased by -87.5% to X tons, falling for the third year in a row after two years of growth. Overall, exports continue to indicate a dramatic curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 143%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, fromwork exports shrank notably to $X in 2022. In general, exports faced a significant decrease. The growth pace was the most rapid in 2016 with an increase of 133% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Mongolia (X tons) was the main destination for fromwork exports from South Korea, with a 51% share of total exports. Moreover, fromwork exports to Mongolia exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. The third position in this ranking was held by Russia (X tons), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume to Mongolia totaled +3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+0.5% per year) and Russia (-12.0% per year).

In value terms, Mongolia ($X), the United Arab Emirates ($X) and Cambodia ($X) constituted the largest markets for fromwork exported from South Korea worldwide, together accounting for 66% of total exports.

Mongolia, with a CAGR of +1.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average fromwork export price stood at $X per ton in 2022, waning by -20.5% against the previous year. In general, the export price showed a pronounced descent. The most prominent rate of growth was recorded in 2021 an increase of 14%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Mongolia ($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 the United Arab Emirates (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Fromwork Imports

Imports into Republic of Korea

In 2022, approx. X tons of shuttering for concrete constructional work, shingles and shakes, of wood were imported into South Korea; picking up by 3.1% compared with the year before. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 122%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, fromwork imports skyrocketed to $X in 2022. In general, imports enjoyed mild growth. The most prominent rate of growth was recorded in 2016 when imports increased by 115%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), China (X tons) and Singapore (X tons) were the main suppliers of fromwork imports to South Korea, together accounting for 62% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +112.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Singapore ($X) were the largest fromwork suppliers to South Korea, with a combined 56% share of total imports.

Singapore, with a CAGR of +115.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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 2022, the average fromwork import price amounted to $X per ton, rising by 47% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fromwork import price increased by +70.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Canada ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform