Republic of Korea: Veneer Sheets Market 2025

Veneer Sheets Market Size in Republic of Korea

In 2022, the South Korean veneer sheets market increased by 8.4% to $X, rising for the second consecutive year after six years of decline. In general, consumption, however, showed a abrupt decrease. Veneer sheets consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Veneer Sheets Production in Republic of Korea

In value terms, veneer sheets production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 135%. Veneer sheets production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Veneer Sheets Exports

Exports from Republic of Korea

In 2022, overseas shipments of veneer sheets decreased by -48.5% to X cubic meters, falling for the third year in a row after two years of growth. In general, exports recorded a noticeable slump. The pace of growth appeared the most rapid in 2019 with an increase of 189% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, veneer sheets exports contracted sharply to $X in 2022. Over the period under review, exports, however, enjoyed a notable expansion. The growth pace was the most rapid in 2017 when exports increased by 50% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X cubic meters) was the main destination for veneer sheets exports from South Korea, accounting for a 53% share of total exports. Moreover, veneer sheets exports to China exceeded the volume sent to the second major destination, Indonesia (X cubic meters), twofold. The third position in this ranking was taken by Mongolia (X cubic meters), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+7.7% per year) and Mongolia (+2.7% per year).

In value terms, China ($X) emerged as the key foreign market for veneer sheets exports from South Korea, comprising 63% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 28% share of total exports. It was followed by Mongolia, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+17.6% per year) and Mongolia (+3.2% per year).

Export Prices by Country

The average veneer sheets export price stood at $X per cubic meter in 2022, increasing by 52% against the previous year. In general, the export price recorded a prominent expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 181% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per cubic meter), while the average price for exports to Vanuatu ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vanuatu (+87.2%), while the prices for the other major destinations experienced more modest paces of growth.

Veneer Sheets Imports

Imports into Republic of Korea

In 2022, approx. X cubic meters of veneer sheets were imported into South Korea; surging by 28% on the previous year. In general, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 49%. Imports peaked at X cubic meters in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, veneer sheets imports reached $X in 2022. Overall, imports, however, showed a slight curtailment. The pace of growth appeared the most rapid in 2020 when imports increased by 20%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Brazil (X cubic meters) constituted the largest veneer sheets supplier to South Korea, with a 44% share of total imports. Moreover, veneer sheets imports from Brazil exceeded the figures recorded by the second-largest supplier, Chile (X cubic meters), twofold. The third position in this ranking was taken by China (X cubic meters), with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil stood at +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+30.4% per year) and China (-1.7% per year).

In value terms, China ($X) constituted the largest supplier of veneer sheets to South Korea, comprising 46% of total imports. The second position in the ranking was taken by Brazil ($X), with a 17% share of total imports. It was followed by Solomon Islands, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+12.3% per year) and Solomon Islands (+77.4% per year).

Import Prices by Country

In 2022, the average veneer sheets import price amounted to $X per cubic meter, waning by -12.7% against the previous year. Overall, the import price showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 when the average import price increased by 16%. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per cubic meter), while the price for Russia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Solomon Islands (+25.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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