Republic of Korea: Twine Product Market 2024

Twine Product Market Size in Republic of Korea

The South Korean twine product market rose modestly to $X in 2022, surging by X% against the previous year. Overall, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Twine Product Production in Republic of Korea

In value terms, twine product production contracted slightly to $X in 2022 estimated in export price. Overall, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

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Twine Product Exports

Exports from Republic of Korea

In 2022, shipments abroad of articles of twine, cordage, rope or cables increased by X% to X tons, rising for the third year in a row after two years of decline. In general, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, twine product exports soared to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for twine product exports from South Korea, accounting for a X% share of total exports. Moreover, twine product exports to Vietnam exceeded the volume sent to the second major destination, Russia (X tons), eightfold. The third position in this ranking was held by Iceland (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Iceland (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to 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 2022, the average twine product export price amounted to $X per ton, falling by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2021, and then reduced slightly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Russia ($X 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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Twine Product Imports

Imports into Republic of Korea

In 2022, imports of articles of twine, cordage, rope or cables into South Korea amounted to X tons, growing by X% on the previous year. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, twine product imports rose significantly to $X in 2022. In general, imports posted a resilient increase. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of twine product to South Korea, accounting for 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), twofold. Indonesia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled 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 2022, the average annual growth rate of value from China totaled 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 2022, increasing by X% against the previous year. In general, the import price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X per ton 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 Turkey ($X per ton), while the price for Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, 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

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