Republic of Korea: Silk Fabric Market 2024

Silk Fabric Market Size in Republic of Korea

The South Korean silk fabric market expanded significantly to $X in 2021, rising by 6.8% against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.9% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Silk Fabric Production in Republic of Korea

In value terms, silk fabric production expanded markedly to $X in 2021 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.8% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 42% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Silk Fabric Exports

Exports from Republic of Korea

In 2021, overseas shipments of woven fabrics of silk or of silk waste were finally on the rise to reach X square meters after eight years of decline. In general, exports, however, showed a abrupt shrinkage. Over the period under review, the exports hit record highs at X square meters in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silk fabric exports surged to $X in 2021. Over the period under review, exports, however, saw a deep slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X square meters) was the main destination for silk fabric exports from South Korea, accounting for a 57% share of total exports. Moreover, silk fabric exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X square meters), fivefold. Myanmar (X square meters) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-14.7% per year) and Myanmar (+410.3% per year).

In value terms, the United States ($X) remains the key foreign market for woven fabrics of silk or of silk waste exports from South Korea, comprising 46% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 15% share of total exports. It was followed by the United Arab Emirates, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-16.3% per year) and the United Arab Emirates (-9.4% per year).

Export Prices by Country

In 2021, the average silk fabric export price amounted to $X per square meter, declining by -27% against the previous year. Overall, the export price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by 17%. Over the period under review, the average export prices hit record highs at $X per square meter in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per square meter), while the average price for exports to Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Fabric Imports

Imports into Republic of Korea

In 2021, the amount of woven fabrics of silk or of silk waste imported into South Korea surged to X square meters, with an increase of 28% compared with the previous year. Overall, imports, however, faced a abrupt setback. Imports peaked at X square meters in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silk fabric imports skyrocketed to $X in 2021. In general, imports, however, faced a deep setback. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X square meters) was the main supplier of silk fabric to South Korea, with a 94% share of total imports. It was followed by Italy (X square meters), with a 2.7% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -15.4%.

In value terms, China ($X) constituted the largest supplier of woven fabrics of silk or of silk waste to South Korea, comprising 92% of total imports. The second position in the ranking was held by Italy ($X), with a 5.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -12.9%.

Import Prices by Country

The average silk fabric import price stood at $X per square meter in 2021, picking up by 16% against the previous year. Over the last nine years, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per square meter. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per square meter), while the price for China totaled $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+3.1%).

Source: IndexBox Platform

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