Republic of Korea: Men Knitwear Market 2024

Men Knitwear Market Size in Republic of Korea

The South Korean men knitwear market soared to $X in 2022, growing by X% against the previous year. Overall, the total consumption indicated a slight expansion from 2012 to 2022: its value 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, consumption increased by X% against 2018 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Men Knitwear Production in Republic of Korea

In value terms, men knitwear production rose notably to $X in 2022 estimated in export price. Overall, production, however, saw a deep contraction. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Men knitwear production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

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Men Knitwear Exports

Exports from Republic of Korea

In 2022, shipments abroad of men's or boys' clothing (knitted or crocheted) decreased by X% to X units, falling for the second year in a row after nine years of growth. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, men knitwear exports reduced sharply to $X in 2022. Over the period under review, exports, however, showed significant growth. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for men knitwear exports from South Korea, accounting for a X% share of total exports. Moreover, men knitwear exports to Japan exceeded the volume sent to the second major destination, the United States (X units), sixfold. The third position in this ranking was held by China (X units), with a X% share.

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

In value terms, Japan ($X) remains the key foreign market for men's or boys' clothing (knitted or crocheted) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, jumping by X% against the previous year. In general, the export price, however, showed a deep downturn. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Libya ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced a decline.

Men Knitwear Imports

Imports into Republic of Korea

For the eleventh year in a row, South Korea recorded growth in purchases abroad of men's or boys' clothing (knitted or crocheted), which increased by X% to X units in 2022. Overall, imports posted a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, men knitwear imports rose rapidly to $X in 2022. Over the period under review, imports posted a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Vietnam (X units), China (X units) and Bangladesh (X units) were the main suppliers of men knitwear imports to South Korea, with a combined X% share of total imports. Cambodia, Indonesia, Myanmar, Pakistan and Italy lagged somewhat behind, together comprising a further X%.

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

In value terms, Vietnam ($X), China ($X) and Bangladesh ($X) constituted the largest men knitwear suppliers to South Korea, with a combined X% share of total imports. Cambodia, Indonesia, Italy, Myanmar and Pakistan lagged somewhat behind, together comprising a further X%.

Pakistan, with a CAGR of X%, recorded the highest growth rate of 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 2022, the average men knitwear import price amounted to $X per unit, shrinking by X% against the previous year. In general, the import price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Italy ($X per unit), while the price for Pakistan ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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