Republic of Korea: Hat And Headgear Market 2024

Hat And Headgear Market Size in Republic of Korea

The South Korean hat and headgear market declined to $X in 2022, which is down by X% against the previous year. In general, consumption saw a resilient expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Hat And Headgear Production in Republic of Korea

In value terms, hat and headgear production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. Hat and headgear production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Hat And Headgear Exports

Exports from Republic of Korea

In 2022, overseas shipments of hats and other headgear increased by X% to X units, rising for the second year in a row after four years of decline. Overall, total exports indicated a prominent increase from 2012 to 2022: its volume 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, exports increased by X% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports expanded 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 appeared the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Vietnam (X units) and China (X units) were the main destinations of hat and headgear exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Vietnam ($X) constituted the largest markets for hat and headgear exported from South Korea worldwide, together accounting for X% of total exports. Bangladesh, Japan, Hong Kong SAR, Taiwan (Chinese) and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of X%, recorded the highest growth rate of 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 2022, the average hat and headgear export price amounted to $X per unit, which is down by X% against the previous year. Overall, the export price saw a perceptible contraction. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

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

Hat And Headgear Imports

Imports into Republic of Korea

In 2022, supplies from abroad of hats and other headgear increased by X% to X units, rising for the second consecutive year after two years of decline. In general, imports saw a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports fell modestly to $X in 2022. Overall, imports posted a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hat and headgear to South Korea, accounting for a X% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), twofold.

From 2012 to 2022, 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: Vietnam (X% per year) and Myanmar (X% per year).

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

Myanmar, with a CAGR of X%, recorded 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 2022, with a decrease of X% against the previous year. Overall, the import price recorded a mild decrease. The growth pace was the most rapid in 2014 when the average import price increased by X%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Vietnam ($X per unit), while the price for Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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