Republic of Korea: Silk Yarn Market 2023

Silk Yarn Market Size in Republic of Korea

In 2021, the South Korean silk yarn market was finally on the rise to reach $X after three years of decline. In general, consumption, however, saw a abrupt decrease. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Silk Yarn Production in Republic of Korea

In value terms, silk yarn production soared to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt descent. Silk yarn production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Silk Yarn Exports

Exports from Republic of Korea

In 2021, after three years of growth, there was significant decline in overseas shipments of silk yarn and yarn spun from silk waste, when their volume decreased by -45.6% to X tons. Overall, exports showed a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 163%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, silk yarn exports declined rapidly to $X in 2021. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2018 with an increase of 292%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Pakistan (X tons) was the main destination for silk yarn exports from South Korea, accounting for a 81% share of total exports. Moreover, silk yarn exports to Pakistan exceeded the volume sent to the second major destination, China (X kg), more than tenfold. The third position in this ranking was taken by the Philippines (X kg), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Pakistan amounted to +55.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-27.3% per year) and the Philippines (-30.2% per year).

In value terms, Pakistan ($X) remains the key foreign market for silk yarn and yarn spun from silk waste exports from South Korea, comprising 55% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by the Philippines, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to Pakistan totaled +76.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-28.4% per year) and the Philippines (-29.6% per year).

Export Prices by Country

The average silk yarn export price stood at $X per ton in 2021, picking up by 7.8% against the previous year. In general, the export price, however, showed a noticeable downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 150% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Yarn Imports

Imports into Republic of Korea

In 2021, overseas purchases of silk yarn and yarn spun from silk waste increased by 22% to X tons for the first time since 2015, thus ending a five-year declining trend. Overall, imports, however, faced a abrupt decrease. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, silk yarn imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt setback. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Italy (X tons) were the main suppliers of silk yarn imports to South Korea, together comprising 92% of total imports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +23.2%), while purchases for the other leaders experienced a decline.

In value terms, China ($X), Vietnam ($X) and Italy ($X) appeared to be the largest silk yarn suppliers to South Korea, together accounting for 93% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +29.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average silk yarn import price amounted to $X per ton, increasing by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 15% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :