Republic of Korea: Non-Cotton Terry Towelling Market 2025

Non-Cotton Terry Towelling Market Size in Republic of Korea

In 2021, the South Korean non-cotton terry towelling market decreased by -5.8% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption continues to indicate buoyant growth. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped in the following year.

Non-Cotton Terry Towelling Production in Republic of Korea

In value terms, non-cotton terry towelling production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 42% against the previous year. Non-cotton terry towelling production peaked at $X in 2020, and then dropped in the following year.

Non-Cotton Terry Towelling Exports

Exports from Republic of Korea

In 2021, overseas shipments of terry towelling (excluding of cotton) increased by 8.6% to X square meters, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 560%. Over the period under review, the exports reached the peak figure at X square meters in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, non-cotton terry towelling exports dropped notably to $X in 2021. Over the period under review, exports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 547%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

China (X square meters) was the main destination for non-cotton terry towelling exports from South Korea, accounting for a 37% share of total exports. Moreover, non-cotton terry towelling exports to China exceeded the volume sent to the second major destination, Vietnam (X square meters), fourfold. Mexico (X square meters) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-27.8% per year) and Mexico (+42.0% per year).

In value terms, China ($X) remains the key foreign market for terry towelling (excluding of cotton) exports from South Korea, comprising 37% of total exports. The second position in the ranking was held by Vietnam ($X), with a 7.8% share of total exports. It was followed by the United States, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-26.9% per year) and the United States (+24.0% per year).

Export Prices by Country

In 2021, the average non-cotton terry towelling export price amounted to $X per square meter, with a decrease of -22.9% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-cotton terry towelling export price increased by +48.1% against 2013 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 30% against the previous year. As a result, the export price reached the peak level of $X per square meter, and then fell significantly 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 the United States ($X per square meter), while the average price for exports to Thailand ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Cotton Terry Towelling Imports

Imports into Republic of Korea

For the sixth consecutive year, South Korea recorded growth in overseas purchases of terry towelling (excluding of cotton), which increased by 14% to X square meters in 2021. Over the period under review, imports posted a significant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 1,017%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, non-cotton terry towelling imports totaled $X in 2021. In general, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 815%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X square meters) was the main non-cotton terry towelling supplier to South Korea, with a 97% share of total imports. It was followed by Italy (X square meters), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +84.0%.

In value terms, China ($X) constituted the largest supplier of terry towelling (excluding of cotton) to South Korea, comprising 88% of total imports. The second position in the ranking was held by Italy ($X), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +79.4%.

Import Prices by Country

In 2021, the average non-cotton terry towelling import price amounted to $X per square meter, approximately reflecting the previous year. In general, the import price recorded a abrupt decline. The pace of growth appeared the most rapid in 2013 when the average import price increased by 34% against the previous year. As a result, import price attained the peak level of $X per square meter. From 2014 to 2021, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per square meter), while the price for China amounted to $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.5%).

Source: IndexBox Platform

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