Republic of Korea: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Republic of Korea

For the fifth consecutive year, the South Korean wooden office furniture market recorded growth in sales value, which increased by 12% to $X in 2021. Overall, consumption showed prominent growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Wooden Office Furniture Exports

Exports from Republic of Korea

In 2021, overseas shipments of wooden furniture of a kind used in offices decreased by -31.8% to X units, falling for the third year in a row after two years of growth. Over the period under review, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 39% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, wooden office furniture exports declined rapidly to $X in 2021. In general, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2013 with an increase of 38% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units), Vietnam (X units) and the United Arab Emirates (X units) were the main destinations of wooden office furniture exports from South Korea, with a combined 35% share of total exports. Panama, Japan, the Philippines, Saudi Arabia, Algeria, Peru, Qatar, Chile, Taiwan (Chinese) and Nepal lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the biggest increases were recorded for Algeria (with a CAGR of +61.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden office furniture exported from South Korea were the United States ($X), Nepal ($X) and the United Arab Emirates ($X), with a combined 32% share of total exports. Algeria, the Philippines, Vietnam, Panama, Japan, Saudi Arabia, Qatar, Taiwan (Chinese), Peru and Chile lagged somewhat behind, together accounting for a further 31%.

Among the main countries of destination, Algeria, with a CAGR of +88.0%, recorded the highest rates of growth with regard to 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 2021, the average wooden office furniture export price amounted to $X per unit, growing by 1.6% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 37%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports into Republic of Korea

In 2021, imports of wooden furniture of a kind used in offices into South Korea rose slightly to X units, surging by 2.8% compared with 2020 figures. In general, imports saw resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by 73%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, wooden office furniture imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +37.8% against 2015 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 23% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X units) was the main supplier of wooden office furniture to South Korea, with a 91% share of total imports. Moreover, wooden office furniture imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +11.7%.

In value terms, China ($X) constituted the largest supplier of wooden furniture of a kind used in offices to South Korea, comprising 80% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 7.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +7.8%.

Import Prices by Country

The average wooden office furniture import price stood at $X per unit in 2021, picking up by 13% against the previous year. Overall, the import price, however, showed a pronounced downturn. The pace of growth was the most pronounced in 2016 when the average import price increased by 71% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.5%).

Source: IndexBox Platform

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