Republic of Korea: Container Market 2025

Container Market Size in Republic of Korea

The South Korean container market shrank slightly to $X in 2022, waning by -3.3% against the previous year. Over the period under review, consumption, however, enjoyed a tangible expansion. Container consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Container Production in Republic of Korea

In value terms, container production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2017 with an increase of 119% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Container Exports

Exports from Republic of Korea

In 2022, overseas shipments of tanks, casks, drums, cans, boxes and similar containers decreased by -13.4% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a mild slump. The pace of growth appeared the most rapid in 2017 when exports increased by 39%. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, container exports dropped notably to $X in 2022. Overall, exports, however, recorded a pronounced expansion. The growth pace was the most rapid in 2017 with an increase of 97% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined rapidly in the following year.

Exports by Country

China (X units), the United States (X units) and Japan (X units) were the main destinations of container exports from South Korea, with a combined 68% share of total exports. Vietnam, Hong Kong SAR, Papua New Guinea, Thailand, Germany, Ireland and India lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Papua New Guinea (with a CAGR of +83.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for tanks, casks, drums, cans, boxes and similar containers exports from South Korea, comprising 42% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by Japan, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+17.5% per year) and Japan (-3.7% per year).

Export Prices by Country

In 2022, the average container export price amounted to $X per unit, declining by -9.9% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, container export price increased by +18.4% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 42%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then fell in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Ireland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Container Imports

Imports into Republic of Korea

In 2022, overseas purchases of tanks, casks, drums, cans, boxes and similar containers decreased by -5.5% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 30%. Imports peaked at X units in 2021, and then declined in the following year.

In value terms, container imports shrank to $X in 2022. Over the period under review, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 30% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) constituted the largest container supplier to South Korea, accounting for a 57% share of total imports. Moreover, container imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The United States (X units) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.7% per year) and the United States (-1.3% per year).

In value terms, China ($X) constituted the largest supplier of tanks, casks, drums, cans, boxes and similar containers to South Korea, comprising 53% of total imports. The second position in the ranking was held by Japan ($X), with an 18% share of total imports. It was followed by the United States, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.4% per year) and the United States (+9.6% per year).

Import Prices by Country

In 2022, the average container import price amounted to $X per unit, which is down by -3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2017 an increase of 8.9%. Over the period under review, average import prices attained the maximum at $X per unit in 2021, and then reduced modestly 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 the United States ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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