Republic of Korea: Silk Yarn Market 2021

Silk Yarn Market Size in Republic of Korea

In 2019, the South Korean silk yarn market increased by X% to $X, rising for the third year in a row after three years of decline. In general, consumption showed a noticeable slump. The pace of growth appeared the most rapid in 2018 when the market value increased by X% year-to-year. Over the period under review, the market attained the maximum level at $X in 2007; however, from 2008 to 2019, consumption failed to regain the momentum.

Silk Yarn Production in Republic of Korea

In value terms, silk yarn production expanded remarkably to $X in 2019 estimated in export prices. In general, production saw a slight curtailment. The pace of growth was the most pronounced in 2018 with an increase of X% y-o-y. Over the period under review, production reached the peak level at $X in 2007; however, from 2008 to 2019, production failed to regain the momentum.

Silk Yarn Exports

Exports from Republic of Korea

For the fourth consecutive year, South Korea recorded decline in shipments abroad of silk yarn, which decreased by -X% to X tons in 2019. Overall, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. As a result, exports reached the peak of X tons. From 2009 to 2019, the growth exports remained at a somewhat lower figure.

In value terms, silk yarn exports expanded notably to $X in 2019. In general, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2010 when exports increased by X% against the previous year. As a result, exports reached the peak of $X. From 2011 to 2019, the growth exports remained at a lower figure.

Exports by Country

Pakistan (X tons) was the main destination for silk yarn exports from South Korea, accounting for a X% share of total exports. Moreover, silk yarn exports to Pakistan exceeded the volume sent to the second major destination, the Philippines (X kg), twofold.

From 2007 to 2019, the average annual growth rate of volume to Pakistan totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-X% per year) and Hong Kong SAR (-X% per year).

In value terms, Hong Kong SAR ($X), Pakistan ($X) and the Philippines ($X) constituted the largest markets for silk yarn exported from South Korea worldwide, with a combined X% share of total exports.

Among the main countries of destination, Hong Kong SAR 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 a decline.

Export Prices by Country

The average silk yarn export price stood at $X per ton in 2019, growing by X% against the previous year. In general, the export price, however, saw a slight descent. The most prominent rate of growth was recorded in 2009 an increase of X% y-o-y. The export price peaked at $X per ton in 2007; however, from 2008 to 2019, export prices failed to regain the momentum.

There were significant differences in the average prices for the major export markets. In 2019, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR, while the prices for the other major destinations experienced a decline.

Silk Yarn Imports

Imports into Republic of Korea

In 2019, overseas purchases of silk yarn decreased by -X% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, imports recorded a abrupt setback. The pace of growth was the most pronounced in 2011 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2007; however, from 2008 to 2019, imports stood at a somewhat lower figure.

In value terms, silk yarn imports declined significantly to $X in 2019. In general, imports recorded a abrupt decline. The pace of growth was the most pronounced in 2011 with an increase of X% y-o-y. As a result, imports attained the peak of $X. From 2012 to 2019, the growth imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Italy (X tons) were the main suppliers of silk yarn imports to South Korea, together comprising X% of total imports.

From 2007 to 2019, the biggest increases were in Italy, while purchases for the other leaders experienced a decline.

In value terms, China ($X), Vietnam ($X) and Italy ($X) appeared to be the largest silk yarn suppliers to South Korea, with a combined X% share of total imports.

Italy recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average silk yarn import price stood at $X per ton in 2019, shrinking by -X% against the previous year. Overall, import price indicated a prominent expansion from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, silk yarn import price increased by +X% against 2016 indices. The growth pace was the most rapid in 2010 when the average import price increased by X% y-o-y. The import price peaked at $X per ton in 2018, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Vietnam, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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