Republic of Korea: Knotted Carpet Market 2024

Knotted Carpet Market Size in Republic of Korea

The South Korean knotted carpet market shrank modestly to $X in 2022, flattening at the previous year. In general, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 -1.0% against 2019 indices. 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.

Knotted Carpet Production in Republic of Korea

In value terms, knotted carpet production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production saw pronounced growth. The most prominent rate of growth was recorded in 2015 with an increase of 86%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

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Knotted Carpet Exports

Exports from Republic of Korea

In 2022, the amount of knotted carpets and other knotted textile floor coverings exported from South Korea skyrocketed to X square meters, rising by 812% on the previous year. In general, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, knotted carpet exports reduced remarkably to $X in 2022. Overall, exports, however, recorded a perceptible downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 238% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X square meters) was the main destination for knotted carpet exports from South Korea, accounting for a 2% share of total exports. Moreover, knotted carpet exports to Indonesia exceeded the volume sent to the second major destination, Japan (X square meters), more than tenfold. Hong Kong SAR (X square meters) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled +56.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+13.2% per year) and Hong Kong SAR (+50.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for knotted carpets and other knotted textile floor coverings exports from South Korea, comprising 71% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.6% share of total exports. It was followed by the United States, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia stood at +52.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.5% per year) and the United States (+7.5% per year).

Export Prices by Country

In 2022, the average knotted carpet export price amounted to $X per square meter, with a decrease of -94.4% against the previous year. In general, the export price continues to indicate a significant decrease. The growth pace was the most rapid in 2015 an increase of 11% against the previous year. The export price peaked at $X per square meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per square meter), while the average price for exports to China ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Knotted Carpet Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded decline in supplies from abroad of knotted carpets and other knotted textile floor coverings, which decreased by -6.2% to X square meters in 2022. In general, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2013 when imports increased by 112%. Imports peaked at X square meters in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, knotted carpet imports reached $X in 2022. Overall, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2021 when imports increased by 50%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Nepal (X square meters), Italy (X square meters) and Turkey (X square meters) were the main suppliers of knotted carpet imports to South Korea, together accounting for 39% of total imports. India, Vietnam, China, Spain, Thailand, the United States and Egypt lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +110.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Nepal ($X) and India ($X) were the largest knotted carpet suppliers to South Korea, with a combined 74% share of total imports. Turkey, Italy, Thailand, Vietnam, the United States, Spain and Egypt lagged somewhat behind, together comprising a further 19%.

Among the main suppliers, Spain, with a CAGR of +108.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average knotted carpet import price amounted to $X per square meter, increasing by 22% against the previous year. Overall, the import price posted a temperate expansion. The pace of growth was the most pronounced in 2021 an increase of 68% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per square meter), while the price for Egypt ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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