Republic of Korea: Market for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike 2024

Market Size for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in Republic of Korea

The South Korean gum or wood oils market rose to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in Republic of Korea

In value terms, gum or wood oils production stood at $X in 2023 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. 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 growth pace was the most rapid in 2017 with an increase of X%. Gum or wood oils production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Exports from Republic of Korea

In 2023, after four years of decline, there was significant growth in shipments abroad of gum, wood or sulphate turpentine oils, pine oil and other alike, when their volume increased by X% to X tons. Over the period under review, exports, however, saw a significant contraction. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, gum or wood oils exports skyrocketed to $X in 2023. Overall, exports, however, continue to indicate a precipitous descent. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X kg) was the main destination for gum or wood oils exports from South Korea, with a X% share of total exports. Moreover, gum or wood oils exports to Malaysia exceeded the volume sent to the second major destination, Sweden (X kg), twofold.

From 2012 to 2023, the average annual growth rate of volume to Malaysia stood at X%.

From 2012 to 2023, the average annual growth rate of value to Malaysia amounted to X%.

Export Prices by Country

The average gum or wood oils export price stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2020 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Sweden totaled $X per ton.

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

Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Imports into Republic of Korea

In 2023, the amount of gum, wood or sulphate turpentine oils, pine oil and other alike imported into South Korea rose notably to X tons, picking up by X% against the year before. Over the period under review, imports recorded prominent growth. The growth pace was the most rapid in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, gum or wood oils imports rose notably to $X in 2023. In general, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest gum or wood oils supplier to South Korea, accounting for a X% share of total imports. Moreover, gum or wood oils imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), eightfold. The third position in this ranking was held by the Netherlands (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and the Netherlands (X% per year).

In value terms, China ($X), the UK ($X) and the Netherlands ($X) were the largest gum or wood oils suppliers to South Korea, together comprising X% of total imports.

The Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average gum or wood oils import price amounted to $X per ton, declining by X% against the previous year. In general, the import price, however, recorded noticeable growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2022, and then fell in the following year.

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 the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform