Republic of Korea: Hat And Headgear Market Overview 2021

Hat And Headgear Market Size in Republic of Korea

In 2020, the South Korean hat and headgear market increased by X% to $X, rising for the third year in a row after two years of decline. In general, the total consumption indicated a temperate increase from 2007 to 2020: its value decreased at an average annual rate of -X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2017 indices. The most prominent rate of growth was recorded in 2011 with an increase of X% y-o-y. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2020, consumption failed to regain the momentum.

Hat And Headgear Production in Republic of Korea

In value terms, hat and headgear production rose markedly to $X in 2020 estimated in export prices. In general, production recorded a slight contraction. The growth pace was the most rapid in 2008 when the production volume increased by X% y-o-y. Hat and headgear production peaked at $X in 2016; however, from 2017 to 2020, production stood at a somewhat lower figure.

Hat And Headgear Exports

Exports from Republic of Korea

In 2020, overseas shipments of hats and other headgear decreased by -X% to X units, falling for the fourth consecutive year after four years of growth. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 when exports increased by X% against the previous year. Over the period under review, exports attained the peak figure at X units in 2016; however, from 2017 to 2020, exports failed to regain the momentum.

In value terms, hat and headgear exports stood at $X in 2020. Over the period under review, total exports indicated measured growth from 2007 to 2020: its value decreased at an average annual rate of -X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, exports increased by +X% against 2015 indices. The pace of growth was the most pronounced in 2008 with an increase of X% year-to-year. Over the period under review, exports reached the peak figure in 2020 and are expected to retain growth in the immediate term.

Exports by Country

China (X units), Bangladesh (X units) and the U.S. (X units) were the main destinations of hat and headgear exports from South Korea, with a combined X% share of total exports. Viet Nam, Japan and the Philippines lagged somewhat behind, together accounting for a further X 2007 to 2020, the biggest increases were in the Philippines, while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the U.S. ($X) and Japan ($X) were the largest markets for hat and headgear exported from South Korea worldwide, with a combined X% share of total exports. These countries were followed by Viet Nam, Bangladesh and the Philippines, which together accounted for a further X terms of the main countries of destination, the Philippines recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average hat and headgear export price amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price saw a noticeable expansion. As a result, export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Japan ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to China, while the prices for the other major destinations experienced more modest paces of growth.

Hat And Headgear Imports

Imports into Republic of Korea

In 2020, purchases abroad of hats and other headgear decreased by -X% to X units, falling for the second consecutive year after seven years of growth. In general, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2020, imports stood at a somewhat lower figure.

In value terms, hat and headgear imports contracted to $X in 2020. Over the period under review, imports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, China (X units) constituted the largest hat and headgear supplier to South Korea, with a X% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, Viet Nam (X units), fourfold.

From 2007 to 2020, 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: Viet Nam (+X% per year) and Indonesia (+X% per year).

In value terms, the largest hat and headgear suppliers to South Korea were China ($X), Viet Nam ($X) and Indonesia ($X), with a combined X% share of total imports.

Viet Nam saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hat and headgear import price stood at $X per unit in 2020, picking up by X% against the previous year. In general, import price indicated a measured increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, hat and headgear import price increased by +X% against 2017 indices. The pace of growth appeared the most rapid in 2011 when the average import price increased by X% year-to-year. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2020, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Viet Nam ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for hats and other headgear in the world?

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The countries with the highest volumes of hat and headgear consumption in 2020 were China (658M units), the U.S. (443M units) and India (254M units), together comprising 34% of global consumption. Japan, Brazil, Indonesia, Pakistan, Viet Nam, Nigeria, Bangladesh and Ethiopia lagged somewhat behind, together accounting for a further 21%.

What are the largest producers of hats and other headgear in the world?

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China (2.1B units) constituted the country with the largest volume of hat and headgear production, accounting for 47% of total volume. Moreover, hat and headgear production in China exceeded the figures recorded by the second-largest producer, India (257M units), eightfold. The third position in this ranking was occupied by Viet Nam (139M units), with a 3.2% share.

What are the leading suppliers of hats and other headgear to Republic of Korea?

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In value terms, China ($79M), Viet Nam ($40M) and Indonesia ($2.2M) were the largest hat and headgear suppliers to South Korea, together accounting for 74% of total imports.

What are the leading importers of hats and other headgear from Republic of Korea?

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In value terms, the largest markets for hat and headgear exported from South Korea were China ($27M), the U.S. ($20M) and Japan ($8.8M), together comprising 65% of total exports. These countries were followed by Viet Nam, Bangladesh and the Philippines, which together accounted for a further 16%.

What is the average export price for hats and other headgear in Republic of Korea?

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In 2020, the average hat and headgear export price amounted to $1.9 per unit, jumping by 50% against the previous year.

What is the average import price for hats and other headgear in Republic of Korea?

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In 2020, the average hat and headgear import price amounted to $3.5 per unit, surging by 16% against the previous year.