Republic of Korea: Tufted Carpet Market 2024

Tufted Carpet Market Size in Republic of Korea

The South Korean tufted carpet market amounted to $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Tufted Carpet Production in Republic of Korea

In value terms, tufted carpet production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 31% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Tufted Carpet Exports

Exports from Republic of Korea

Tufted carpet exports from South Korea fell to X square meters in 2022, with a decrease of -8% on the year before. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 93%. The exports peaked at X square meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tufted carpet exports contracted to $X in 2022. Over the period under review, exports faced a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 91%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X square meters) was the main destination for tufted carpet exports from South Korea, with a 55% share of total exports. Moreover, tufted carpet exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X square meters), fourfold. China (X square meters) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+0.4% per year) and China (-31.7% per year).

In value terms, the United States ($X) remains the key foreign market for tufted carpets and other tufted textile floor coverings exports from South Korea, comprising 62% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total exports. It was followed by China, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-0.2% per year) and China (-32.9% per year).

Export Prices by Country

The average tufted carpet export price stood at $X per square meter in 2022, declining by -3.1% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 25%. The export price peaked at $X per square meter in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per square meter), while the average price for exports to Russia ($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 the United States (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Tufted Carpet Imports

Imports into Republic of Korea

In 2022, the amount of tufted carpets and other tufted textile floor coverings imported into South Korea declined to X square meters, waning by -10.3% compared with 2021. The total import volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. As a result, imports reached the peak of X square meters, and then shrank in the following year.

In value terms, tufted carpet imports shrank to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X square meters) constituted the largest tufted carpet supplier to South Korea, with a 69% share of total imports. Moreover, tufted carpet imports from China exceeded the figures recorded by the second-largest supplier, the United States (X square meters), more than tenfold. India (X square meters) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.3% per year) and India (+1.2% per year).

In value terms, China ($X) constituted the largest supplier of tufted carpets and other tufted textile floor coverings to South Korea, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with an 8.3% share of total imports. It was followed by India, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.5% per year) and India (+1.4% per year).

Import Prices by Country

In 2022, the average tufted carpet import price amounted to $X per square meter, leveling off at the previous year. Over the period under review, the import price, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2014 an increase of 8.2%. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per square meter), while the price for Vietnam ($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 Poland (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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