Republic of Korea: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Republic of Korea

The South Korean unvulcanised rubber market dropped slightly to $X in 2022, declining by X% against the previous year. Overall, consumption showed a pronounced decrease. Unvulcanised rubber consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Unvulcanised Rubber Production in Republic of Korea

In value terms, unvulcanised rubber production contracted to $X in 2022 estimated in export price. Overall, production showed a perceptible descent. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

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Unvulcanised Rubber Exports

Exports from Republic of Korea

In 2022, shipments abroad of unvulcanised rubber decreased by X% to X tons, falling for the fourth consecutive year after seven years of growth. Overall, total exports indicated a perceptible expansion from 2012 to 2022: its volume 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, exports decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, unvulcanised rubber exports shrank to $X in 2022. The total export 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 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

Vietnam (X tons), China (X tons) and India (X tons) were the main destinations of unvulcanised rubber exports from South Korea, together accounting for X% of total exports. Mexico, Japan, Poland, Singapore, Russia, the Philippines and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and India ($X) were the largest markets for unvulcanised rubber exported from South Korea worldwide, together accounting for X% of total exports.

Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of exports, among 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

The average unvulcanised rubber export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

Unvulcanised Rubber Imports

Imports into Republic of Korea

For the third consecutive year, South Korea recorded decline in overseas purchases of unvulcanised rubber, which decreased by X% to X tons in 2022. Over the period under review, imports saw a perceptible downturn. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, unvulcanised rubber imports shrank rapidly to $X in 2022. Overall, imports continue to indicate a pronounced shrinkage. The growth pace was the most rapid in 2015 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of unvulcanised rubber to South Korea, accounting for a X% share of total imports. Moreover, unvulcanised rubber imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The UK (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the UK (X% per year).

In value terms, the United States ($X) constituted the largest supplier of unvulcanised rubber to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by China, with a X% share.

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

Import Prices by Country

The average unvulcanised rubber import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 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 China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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