Republic of Korea: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in Republic of Korea

In 2022, the South Korean wooden bedroom furniture market decreased by -11.9% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Wooden bedroom furniture consumption peaked at $X in 2021, and then contracted in the following year.

Wooden Bedroom Furniture Production in Republic of Korea

In value terms, wooden bedroom furniture production reduced to $X in 2022 estimated in export price. In general, production, however, continues to indicate a mild decline. The pace of growth appeared the most rapid in 2018 when the production volume increased by 24%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Wooden Bedroom Furniture Exports

Exports from Republic of Korea

In 2022, the amount of wooden furniture of a kind used in the bedroom exported from South Korea stood at X units, surging by 2% on the year before. Overall, exports, however, continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 148%. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, wooden bedroom furniture exports rose remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a slight slump. The most prominent rate of growth was recorded in 2018 with an increase of 158%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Philippines (X units), the United States (X units) and Taiwan (Chinese) (X units) were the main destinations of wooden bedroom furniture exports from South Korea, with a combined 65% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +45.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden bedroom furniture exported from South Korea were the Philippines ($X), the United States ($X) and Taiwan (Chinese) ($X), together comprising 65% of total exports.

Taiwan (Chinese), with a CAGR of +48.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wooden bedroom furniture export price stood at $X per unit in 2022, surging by 6.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 an increase of 31% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per unit) and China ($X per unit), while the average price for exports to Australia ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Bedroom Furniture Imports

Imports into Republic of Korea

In 2022, supplies from abroad of wooden furniture of a kind used in the bedroom decreased by -25.9% to X units, falling for the second consecutive year after two years of growth. In general, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -37.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 50% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden bedroom furniture imports contracted markedly to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 20% against the previous year. Imports peaked at $X in 2021, and then dropped remarkably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of wooden bedroom furniture to South Korea, accounting for a 67% share of total imports. Moreover, wooden bedroom furniture imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), threefold. Italy (X units) ranked third in terms of total imports with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+9.0% per year) and Italy (-1.8% per year).

In value terms, China ($X) constituted the largest supplier of wooden furniture of a kind used in the bedroom to South Korea, comprising 67% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 24% share of total imports. It was followed by Italy, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+10.0% per year) and Italy (-0.9% per year).

Import Prices by Country

In 2022, the average wooden bedroom furniture import price amounted to $X per unit, increasing by 11% against the previous year. Overall, the import price continues to indicate a mild increase. The most prominent rate of growth was recorded in 2015 an increase of 33% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per unit) and Vietnam ($X per unit), while the price for Indonesia ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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