Republic of Korea: Market for Non-Upholstered Seats With Wooden Frames 2024

Market Size for Non-Upholstered Seats With Wooden Frames in Republic of Korea

In 2022, the South Korean wooden frame non-upholstered seat market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then fell notably in the following year.

Exports of Non-Upholstered Seats With Wooden Frames

Exports from Republic of Korea

In 2022, the amount of non-upholstered seats with wooden frames exported from South Korea surged to X units, rising by X% on the previous year. Over the period under review, exports recorded a noticeable expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, wooden frame non-upholstered seat exports skyrocketed to $X in 2022. Overall, exports enjoyed a slight increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), Mongolia (X units) and the Philippines (X units) were the main destinations of wooden frame non-upholstered seat exports from South Korea, with a combined X% share of total exports. Hong Kong SAR, Japan, Vietnam, China and Singapore lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden frame non-upholstered seat exported from South Korea were the United States ($X), the Philippines ($X) and Hong Kong SAR ($X), together comprising X% of total exports.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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 wooden frame non-upholstered seat export price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable descent. The pace of growth was the most pronounced in 2017 an increase of X%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Mongolia ($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 Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Non-Upholstered Seats With Wooden Frames

Imports into Republic of Korea

Wooden frame non-upholstered seat imports into South Korea shrank sharply to X units in 2022, with a decrease of X% on the year before. Over the period under review, imports saw a noticeable decrease. The most prominent rate of growth was recorded in 2015 with an increase of X%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, wooden frame non-upholstered seat imports contracted dramatically to $X in 2022. The total import 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 2014 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame non-upholstered seat supplier to South Korea, accounting for a X% share of total imports. Moreover, wooden frame non-upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fourfold. The third position in this ranking was held by the United States (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms 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 the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of non-upholstered seats with wooden frames to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average wooden frame non-upholstered seat import price amounted to $X per unit, which is down by X% against the previous year. Over the period under review, import price indicated a resilient expansion from 2012 to 2022: its price 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, wooden frame non-upholstered seat import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. The import price peaked at $X per unit in 2021, and then reduced modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per unit) and Vietnam ($X per unit), while the price for Thailand ($X per unit) and China ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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