Republic of Korea: Ski-Suit Market 2024

Ski-Suit Market Size in Republic of Korea

In 2021, the South Korean ski-suit market increased by 4.2% to $X for the first time since 2015, thus ending a five-year declining trend. In general, consumption showed a abrupt decline. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Ski-Suit Production in Republic of Korea

In value terms, ski-suit production rose sharply to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2015 with an increase of 228%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Ski-Suit Exports

Exports from Republic of Korea

In 2021, after four years of decline, there was significant growth in shipments abroad of ski-suits (excluding of knitted or crocheted textiles), when their volume increased by 184% to X units. In general, exports, however, recorded a deep contraction. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, ski-suit exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt downturn. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Tajikistan (X units) was the main destination for ski-suit exports from South Korea, with a 64% share of total exports. Moreover, ski-suit exports to Tajikistan exceeded the volume sent to the second major destination, Hungary (X units), fivefold. The United States (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2021, the average annual growth rate of volume to Tajikistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (0.0% per year) and the United States (+39.6% per year).

In value terms, Hungary ($X) emerged as the key foreign market for ski-suits (excluding of knitted or crocheted textiles) exports from South Korea, comprising 64% of total exports. The second position in the ranking was taken by Tajikistan ($X), with a 9.8% share of total exports. It was followed by Japan, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hungary was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Tajikistan (0.0% per year) and Japan (-23.5% per year).

Export Prices by Country

The average ski-suit export price stood at $X per unit in 2021, which is down by -15.8% against the previous year. In general, the export price saw a perceptible reduction. The most prominent rate of growth was recorded in 2013 an increase of 51%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Hungary ($X per unit), while the average price for exports to Tajikistan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Ski-Suit Imports

Imports into Republic of Korea

In 2021, purchases abroad of ski-suits (excluding of knitted or crocheted textiles) decreased by -38.9% to X units, falling for the second year in a row after three years of growth. Overall, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 66% against the previous year. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, ski-suit imports fell slightly to $X in 2021. Over the period under review, imports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 84%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Vietnam (X units) and Bangladesh (X units) were the main suppliers of ski-suit imports to South Korea, with a combined 96% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bangladesh (with a CAGR of +5.2%), while imports for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of ski-suits (excluding of knitted or crocheted textiles) to South Korea, comprising 66% of total imports. The second position in the ranking was held by Vietnam ($X), with a 21% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-14.4% per year) and Bangladesh (+4.4% per year).

Import Prices by Country

In 2021, the average ski-suit import price amounted to $X per unit, with an increase of 56% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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