Republic of Korea: Market for Silk Shawls And Scarves 2024

Market Size for Silk Shawls And Scarves in Republic of Korea

The South Korean silk shawl and scarf market stood at $X in 2022, with an increase of 7.9% against the previous year. In general, consumption recorded a notable expansion. Silk shawl and scarf consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Silk Shawls And Scarves in Republic of Korea

In value terms, silk shawl and scarf production shrank to $X in 2022 estimated in export price. Overall, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +96.5% against 2016 indices. The pace of growth appeared the most rapid in 2019 with an increase of 40%. Over the period under review, production reached the maximum level at $X in 2021, and then dropped in the following year.

Exports of Silk Shawls And Scarves

Exports from Republic of Korea

In 2022, shipments abroad of silk shawls and scarves was finally on the rise to reach X units for the first time since 2016, thus ending a five-year declining trend. Over the period under review, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2014 when exports increased by 37% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, silk shawl and scarf exports rose sharply to $X in 2022. Overall, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2014 with an increase of 14% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mexico (X units), Hong Kong SAR (X units) and the United States (X units) were the main destinations of silk shawl and scarf exports from South Korea, with a combined 64% share of total exports. China, Italy, Vietnam, Australia, the Netherlands, Germany, Taiwan (Chinese) and Japan lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +31.6%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Hong Kong SAR ($X) and the United States ($X) constituted the largest markets for silk shawl and scarf exported from South Korea worldwide, with a combined 63% share of total exports. China, Italy, Australia, Vietnam, the Netherlands, Germany, Taiwan (Chinese) and Japan lagged somewhat behind, together comprising a further 29%.

Among the main countries of destination, Vietnam, with a CAGR of +45.2%, saw the highest growth rate of 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 2022, the average silk shawl and scarf export price amounted to $X per unit, picking up by 4.6% against the previous year. Overall, the export price continues to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 68%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Italy ($X per unit) and Japan ($X per unit), while the average price for exports to Vietnam ($X per unit) and Australia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Silk Shawls And Scarves

Imports into Republic of Korea

In 2022, supplies from abroad of silk shawls and scarves increased by 64% to X units, rising for the second consecutive year after three years of decline. In general, imports, however, recorded a mild downturn. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, silk shawl and scarf imports contracted to $X in 2022. Overall, imports showed a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 161%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Italy (X units), China (X units) and France (X units) were the main suppliers of silk shawl and scarf imports to South Korea, together comprising 70% of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +24.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X) constituted the largest supplier of silk shawls and scarves to South Korea, comprising 65% of total imports. The second position in the ranking was held by France ($X), with a 24% share of total imports. It was followed by China, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+15.0% per year) and China (-1.3% per year).

Import Prices by Country

The average silk shawl and scarf import price stood at $X per unit in 2022, falling by -43% against the previous year. In general, the import price, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when the average import price increased by 93%. Over the period under review, average import prices reached the maximum at $X per unit in 2021, and then contracted markedly in the following year.

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 Hong Kong SAR ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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