Republic of Korea: Market for Gravel and Crushed Stone 2024

Market Size for Gravel and Crushed Stone in Republic of Korea

The South Korean gravel and crushed stone market contracted to $X in 2022, shrinking by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Gravel and Crushed Stone in Republic of Korea

In value terms, gravel and crushed stone production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Gravel and Crushed Stone

Exports from Republic of Korea

In 2022, overseas shipments of gravel and crushed stone were finally on the rise to reach X tons after three years of decline. Overall, exports saw a resilient increase. The growth pace was the most rapid in 2014 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, gravel and crushed stone exports reduced to $X in 2022. In general, exports posted a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for gravel and crushed stone exports from South Korea, accounting for a X% share of total exports. Moreover, gravel and crushed stone exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

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

In value terms, China ($X) remains the key foreign market for gravel and crushed stone exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by Vietnam, with an X% share.

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

Export Prices by Country

The average gravel and crushed stone export price stood at $X per ton in 2022, waning by X% against the previous year. Overall, the export price continues to indicate a pronounced decrease. The growth pace was the most rapid in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gravel and Crushed Stone

Imports into Republic of Korea

In 2022, purchases abroad of gravel and crushed stone decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, posted a slight expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, gravel and crushed stone imports declined rapidly to $X in 2022. Overall, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Vietnam (X tons) and Indonesia (X tons) were the main suppliers of gravel and crushed stone imports to South Korea, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of gravel and crushed stone to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports. It was followed by Indonesia, 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: Vietnam (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2022, the average gravel and crushed stone import price amounted to $X per ton, rising by X% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2022: its price 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, gravel and crushed stone import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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