Republic of Korea: Sisal Binder Market 2025

Sisal Binder Market Size in Republic of Korea

The South Korean sisal binder market expanded remarkably to $X in 2022, increasing by 6.7% against the previous year. Overall, consumption enjoyed strong growth. Sisal binder consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Sisal Binder Production in Republic of Korea

In value terms, sisal binder production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 29% against the previous year. Sisal binder production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Sisal Binder Exports

Exports from Republic of Korea

In 2022, shipments abroad of sisal binder or baler (agricultural) twines decreased by -94.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of 629%. The exports peaked at X tons in 2021, and then plummeted in the following year.

In value terms, sisal binder exports shrank remarkably to $X in 2022. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2020 when exports increased by 666% against the previous year. The exports peaked at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Hungary (X tons) was the main destination for sisal binder exports from South Korea, with a 88% share of total exports. It was followed by China (X kg), with a 2.6% share of total exports. The Philippines (X kg) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hungary was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-29.1% per year) and the Philippines (-9.7% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for sisal binder or baler (agricultural) twines exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 7% share of total exports. It was followed by the Philippines, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +21.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (0.0% per year) and the Philippines (-20.1% per year).

Export Prices by Country

The average sisal binder export price stood at $X per ton in 2022, with an increase of 35% against the previous year. Over the period under review, the export price showed a notable expansion. The growth pace was the most rapid in 2018 when the average export price increased by 264%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Hungary ($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 Vietnam (+46.6%), while the prices for the other major destinations experienced mixed trend patterns.

Sisal Binder Imports

Imports into Republic of Korea

In 2022, supplies from abroad of sisal binder or baler (agricultural) twines increased by 47% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports enjoyed a resilient increase. The growth pace was the most rapid in 2015 when imports increased by 121%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, sisal binder imports surged to $X in 2022. Overall, imports enjoyed a resilient expansion. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main sisal binder supplier to South Korea, accounting for a 100% share of total imports. It was followed by the United States (X kg), with a 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +22.4%.

In value terms, China ($X) constituted the largest supplier of sisal binder or baler (agricultural) twines to South Korea, comprising 99% of total imports. The second position in the ranking was taken by the United States ($X), with a 0.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +24.1%.

Import Prices by Country

In 2022, the average sisal binder import price amounted to $X per ton, growing by 51% against the previous year. Overall, the import price, however, showed a deep reduction. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.3%).

Source: IndexBox Platform

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