Report Update: May 1, 2024

Republic of Korea - Plaits And Similar Products Of Plaiting Materials - Market Analysis, Forecast, Size, Trends and Insights

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Plaits and Basketwork Price in South Korea - 2022

Plaits and Basketwork Price in South Korea (CIF) - 2022

The average plaits and basketwork import price stood at $4,414 per ton in 2022, growing by 5.4% against the previous year. Overall, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plaits and basketwork import price increased by +69.8% against 2013 indices. The growth pace was the most rapid in 2020 when the average import price increased by 15% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($4,658 per ton), while the price for India ($1,503 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Plaits and Basketwork Price in South Korea (FOB) - 2022

The average plaits and basketwork export price stood at $42,259 per ton in 2022, increasing by 146% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The export price peaked at $46,223 per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($133,975 per ton), while the average price for exports to the UK ($8,618 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (+27.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plaits and Basketwork Imports in South Korea

In 2022, the amount of plaits, basketwork, wickerwork and similar products of plaiting materials imported into South Korea declined dramatically to 6.6K tons, which is down by -15% on the previous year. Over the period under review, imports saw a abrupt slump. The pace of growth was the most pronounced in 2021 when imports increased by 1.4%.

In value terms, plaits and basketwork imports shrank to $29M in 2022. In general, imports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of 4.3%. As a result, imports reached the peak of $33M, and then reduced in the following year.

Import of Plaits and Basketwork in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	19.9	17.2	18.8	16.9	-5.3%
Vietnam	5.5	7.0	6.6	4.5	-6.5%
Indonesia	3.6	3.8	3.6	3.1	-4.9%
India	0.2	0.2	0.3	0.2	0.0%
Others	2.8	3.0	3.2	4.5	17.1%
Total	31.9	31.2	32.5	29.1	-3.0%

Top Suppliers of Plaits and Basketwork to South Korea in 2022:

China (4.2K tons)
Vietnam (1.0K tons)
Indonesia (1.0K tons)
India (0.1K tons)

Plaits and Basketwork Exports in South Korea

In 2022, approx. 32 tons of plaits, basketwork, wickerwork and similar products of plaiting materials were exported from South Korea; which is down by -54% on 2021. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of 34%. As a result, the exports reached the peak of 70 tons, and then shrank significantly in the following year.

In value terms, plaits and basketwork exports amounted to $1.4M in 2022. Overall, total exports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +14.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Export of Plaits and Basketwork in South Korea (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	424	370	505	779	22.5%
Vietnam	177	172	335	247	11.7%
Hong Kong SAR	3.9	6.0	1.7	164	247.7%
Paraguay	N/A	N/A	N/A	21.4	0%
Taiwan (Chinese)	2.1	4.1	3.5	17.3	102.0%
Australia	3.5	2.2	0.4	13.1	55.3%
Saudi Arabia	N/A	N/A	N/A	11.9	0%
Japan	40.3	31.9	11.9	8.2	-41.2%
United Kingdom	6.5	1.7	5.9	5.8	-3.7%
Philippines	17.6	1.0	0.5	2.4	-48.5%
United Arab Emirates	102	242	264	N/A	60.9%
Others	145	108	80.4	97.0	-12.5%
Total	921	938	1,208	1,368	14.1%

Top Export Markets for Plaits and Basketwork from South Korea in 2022:

Vietnam (14.8 tons)
United States (9.2 tons)
Hong Kong SAR (1.2 tons)
Taiwan (Chinese) (1.0 tons)
Paraguay (1.0 tons)
Saudi Arabia (0.7 tons)
United Kingdom (0.7 tons)
Japan (0.6 tons)
Australia (0.5 tons)
Philippines (0.2 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the plaits and basketwork market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 16292500 - Manufactures of straw, of esparto or of other plaiting materials, basket ware and wickerwork

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023