Republic of Korea: Twine Product Market 2024

Twine Product Market Size in Republic of Korea

The South Korean twine product market rose to $X in 2023, surging by X% against the previous year. Overall, consumption recorded strong growth. Twine product consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Twine Product Production in Republic of Korea

In value terms, twine product production expanded remarkably to $X in 2023 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Twine Product Exports

Exports from Republic of Korea

In 2023, after three years of growth, there was significant decline in shipments abroad of articles of twine, cordage, rope or cables, when their volume decreased by X% to X tons. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, twine product exports declined to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; 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 X%. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for twine product exports from South Korea, with a X% share of total exports. Moreover, twine product exports to Vietnam exceeded the volume sent to the second major destination, Iceland (X tons), ninefold. Indonesia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Vietnam totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (X% per year) and Indonesia (X% per year).

In value terms, Vietnam ($X) remains the key foreign market for articles of twine, cordage, rope or cables exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2023, the average twine product export price amounted to $X per ton, standing approx. at the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2015 an increase of X%. The export price peaked in 2023 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Twine Product Imports

Imports into Republic of Korea

Twine product imports into South Korea dropped to X tons in 2023, waning by X% compared with 2022. Over the period under review, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, twine product imports shrank to $X in 2023. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest twine product supplier to South Korea, with a X% share of total imports. Moreover, twine product imports from China exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (X% per year) and Indonesia (X% per year).

In value terms, China ($X) constituted the largest supplier of articles of twine, cordage, rope or cables to South Korea, comprising X% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average twine product import price stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the import price, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform