Republic of Korea: Veneer Sheet Market 2024

Veneer Sheet Exports

Exports from Republic of Korea

In 2022, shipments abroad of veneer sheets and sheets for plywood and other wood sawn lengthwise was finally on the rise to reach X square meters for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 128% against the previous year. As a result, the exports attained the peak of X square meters. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, veneer sheet exports rose sharply to $X in 2022. Overall, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -11.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Papua New Guinea (X square meters), Indonesia (X square meters) and China (X square meters) were the main destinations of veneer sheet exports from South Korea, with a combined 68% share of total exports. Mexico, Mozambique, Ecuador, South Africa, the United States and Cambodia lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +63.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for veneer sheet exported from South Korea were Indonesia ($X), China ($X) and Ecuador ($X), with a combined 85% share of total exports. Papua New Guinea, South Africa, the United States, Mexico, Cambodia and Mozambique lagged somewhat behind, together accounting for a further 5.9%.

Among the main countries of destination, South Africa, with a CAGR of +71.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average veneer sheet export price amounted to $X per square meter, declining by -3.8% against the previous year. In general, the export price, however, recorded a notable increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by 57% against the previous year. The export price peaked at $X per square meter in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 square meter), while the average price for exports to Mozambique (less than $X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+38.8%), while the prices for the other major destinations experienced more modest paces of growth.

Veneer Sheet Imports

Imports into Republic of Korea

In 2022, approx. X square meters of veneer sheets and sheets for plywood and other wood sawn lengthwise were imported into South Korea; therefore, remained relatively stable against the previous year's figure. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 44%. Over the period under review, imports attained the peak figure at X square meters in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, veneer sheet imports dropped slightly to $X in 2022. Overall, imports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

New Zealand (X square meters), Brazil (X square meters) and China (X square meters) were the main suppliers of veneer sheet imports to South Korea, together comprising 58% of total imports. These countries were followed by Solomon Islands, Chile, Russia, Malaysia and Vietnam, which together accounted for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Solomon Islands (with a CAGR of +56.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest veneer sheet suppliers to South Korea were China ($X), New Zealand ($X) and Brazil ($X), together accounting for 64% of total imports. These countries were followed by Solomon Islands, Chile, Malaysia, Russia and Vietnam, which together accounted for a further 26%.

In terms of the main suppliers, Solomon Islands, with a CAGR of +68.4%, saw the highest rates of growth with regard to 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

The average veneer sheet import price stood at $X per square meter in 2022, waning by -6.2% against the previous year. Overall, the import price recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 13% against the previous year. The import price peaked at $X per square meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 China ($X per square meter), while the price for Russia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Solomon Islands (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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