Republic of Korea: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Republic of Korea

The South Korean worked wax articles market expanded significantly to $X in 2022, growing by 15% against the previous year. Overall, consumption saw a noticeable expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Worked Wax Articles Production in Republic of Korea

In value terms, worked wax articles production surged to $X in 2022 estimated in export price. In general, production, however, recorded a mild setback. The pace of growth was the most pronounced in 2020 with an increase of 86% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Worked Wax Articles Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of worked articles of wax decreased by -5.5% to X units in 2022. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 19%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, worked wax articles exports fell modestly to $X in 2022. The total export value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 49% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from South Korea, accounting for a 40% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was taken by the Netherlands (X units), with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+21.5% per year) and the Netherlands (+9.1% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by the Netherlands, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+22.7% per year) and the Netherlands (+16.3% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, growing by 2.2% against the previous year. In general, the export price showed a remarkable increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per thousand units in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+36.7%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Republic of Korea

In 2022, overseas purchases of worked articles of wax were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 386%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports amounted to $X in 2022. In general, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2013 when imports increased by 194% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of worked wax articles to South Korea, with a 90% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +35.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-2.6% per year) and Indonesia (-3.1% per year).

In value terms, China ($X) constituted the largest supplier of worked articles of wax to South Korea, comprising 69% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 6.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+16.6% per year) and Indonesia (+2.0% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, reducing by -1.8% against the previous year. In general, the import price recorded a slight setback. The most prominent rate of growth was recorded in 2014 when the average import price increased by 17% against the previous year. Over the period under review, average import prices hit record highs at $X per thousand units in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+19.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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