Republic of Korea: Woolen Fabric Market 2024

Woolen Fabric Market Size in Republic of Korea

In 2021, the South Korean woolen fabric market increased by 2.5% to $X, rising for the second consecutive year after seven years of decline. Overall, consumption saw a deep setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Woolen Fabric Production in Republic of Korea

In value terms, woolen fabric production expanded rapidly to $X in 2021 estimated in export price. In general, production, however, recorded a abrupt downturn. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Woolen Fabric Exports

Exports from Republic of Korea

After three years of decline, shipments abroad of woven woolen fabrics increased by 15% to X square meters in 2021. Overall, exports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2013 with an increase of 36%. Over the period under review, the exports attained the maximum at X square meters in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, woolen fabric exports rose significantly to $X in 2021. Over the period under review, exports, however, saw a perceptible setback. The pace of growth was the most pronounced in 2013 when exports increased by 24% 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

China (X square meters) was the main destination for woolen fabric exports from South Korea, accounting for a 70% share of total exports. Moreover, woolen fabric exports to China exceeded the volume sent to the second major destination, Vietnam (X square meters), fourfold. Indonesia (X square meters) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+4.1% per year) and Indonesia (-4.6% per year).

In value terms, China ($X) remains the key foreign market for woven woolen fabrics exports from South Korea, comprising 50% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 18% share of total exports. It was followed by Indonesia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value to China totaled -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.9% per year) and Indonesia (+3.7% per year).

Export Prices by Country

The average woolen fabric export price stood at $X per square meter in 2021, dropping by -8.1% against the previous year. Overall, the export price recorded a mild reduction. The growth pace was the most rapid in 2014 an increase of 28% against the previous year. The export price peaked at $X per square meter in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per square meter), while the average price for exports to South Africa ($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 Indonesia (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Woolen Fabric Imports

Imports into Republic of Korea

In 2021, approx. X square meters of woven woolen fabrics were imported into South Korea; with a decrease of -2.6% against the previous year's figure. Overall, imports saw a pronounced descent. The pace of growth was the most pronounced in 2015 when imports increased by 14% against the previous year. Imports peaked at X square meters in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, woolen fabric imports totaled $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 15%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Italy (X square meters) constituted the largest supplier of woolen fabric to South Korea, with a 52% share of total imports. Moreover, woolen fabric imports from Italy exceeded the figures recorded by the second-largest supplier, China (X square meters), twofold. The third position in this ranking was held by the UK (X square meters), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.7% per year) and the UK (+17.9% per year).

In value terms, Italy ($X) constituted the largest supplier of woven woolen fabrics to South Korea, comprising 71% of total imports. The second position in the ranking was held by the UK ($X), with an 11% share of total imports. It was followed by China, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+15.8% per year) and China (-11.8% per year).

Import Prices by Country

In 2021, the average woolen fabric import price amounted to $X per square meter, surging by 7.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 8.9%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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