Republic of Korea: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Republic of Korea

The South Korean spectacles and goggles market totaled $X in 2021, rising by 8.2% against the previous year. Overall, consumption recorded a perceptible setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Spectacles And Goggles Production in Republic of Korea

In value terms, spectacles and goggles production soared to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 79%. Spectacles and goggles production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Spectacles And Goggles Exports

Exports from Republic of Korea

In 2021, overseas shipments of spectacles and goggles increased by 20% to X units, rising for the second consecutive year after four years of decline. In general, exports, however, faced a precipitous contraction. The pace of growth was the most pronounced in 2020 with an increase of 54% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, spectacles and goggles exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 68% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Slovakia (X units) was the main destination for spectacles and goggles exports from South Korea, with a 26% share of total exports. Moreover, spectacles and goggles exports to Slovakia exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was taken by China (X units), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Slovakia totaled -17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-21.8% per year) and China (-26.6% per year).

In value terms, the largest markets for spectacles and goggles exported from South Korea were China ($X), the United States ($X) and France ($X), with a combined 59% share of total exports. Slovakia, Japan, Vietnam, Indonesia, the Czech Republic, Mongolia, Turkey, Italy, Sweden and the UK lagged somewhat behind, together accounting for a further 13%.

Indonesia, with a CAGR of +34.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average spectacles and goggles export price stood at $X per unit in 2021, reducing by -3.4% against the previous year. Over the period under review, export price indicated a remarkable 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. Based on 2021 figures, spectacles and goggles export price increased by +94.0% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of 33% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020, and then fell in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Slovakia ($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 Italy (+25.4%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports into Republic of Korea

In 2021, after two years of growth, there was significant decline in overseas purchases of spectacles and goggles, when their volume decreased by -30.7% to X units. Overall, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 64% against the previous year. As a result, imports attained the peak of X units, and then reduced remarkably in the following year.

In value terms, spectacles and goggles imports declined rapidly to $X in 2021. Over the period under review, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.7% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 44%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest spectacles and goggles supplier to South Korea, accounting for a 67% share of total imports. Moreover, spectacles and goggles imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), sevenfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+34.0% per year) and Taiwan (Chinese) (+16.5% per year).

In value terms, the largest spectacles and goggles suppliers to South Korea were China ($X), Indonesia ($X) and the United States ($X), with a combined 65% share of total imports. These countries were followed by Japan, Taiwan (Chinese), Vietnam and Malaysia, which together accounted for a further 17%.

Among the main suppliers, Vietnam, with a CAGR of +53.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average spectacles and goggles import price amounted to $X per unit, rising by 10% against the previous year. Over the period under review, the import price, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 30% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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