Republic of Korea: Women Knitwear Market 2023

Women Knitwear Market Size in Republic of Korea

In 2021, the South Korean women knitwear market increased by 0.2% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.5% against 2019 indices. Women knitwear consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Women Knitwear Production in Republic of Korea

In value terms, women knitwear production dropped sharply to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 60% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Women Knitwear Exports

Exports from Republic of Korea

In 2021, overseas shipments of women's or girls' clothing (knitted or crocheted) were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a abrupt decline. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, women knitwear exports soared to $X in 2021. Overall, exports, however, recorded a perceptible descent. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units), the United States (X units) and China (X units) were the main destinations of women knitwear exports from South Korea, with a combined 22% share of total exports. These countries were followed by Hong Kong SAR, Vietnam, Canada and Russia, which together accounted for a further 3.6%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +16.7%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for women knitwear exported from South Korea were Japan ($X), China ($X) and the United States ($X), with a combined 36% share of total exports. Hong Kong SAR, Canada, Vietnam and Russia lagged somewhat behind, together accounting for a further 3.7%.

In terms of the main countries of destination, Canada, with a CAGR of +24.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average women knitwear export price amounted to $X per unit, with an increase of 9.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2018 an increase of 19%. The export price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Women Knitwear Imports

Imports into Republic of Korea

In 2021, purchases abroad of women's or girls' clothing (knitted or crocheted) increased by 18% to X units, rising for the sixth consecutive year after two years of decline. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 24%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, women knitwear imports soared to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 50% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Vietnam (X units), China (X units) and Indonesia (X units) were the main suppliers of women knitwear imports to South Korea, with a combined 32% share of total imports. Bangladesh, Cambodia, Myanmar, Italy and the Philippines lagged somewhat behind, together accounting for a further 7.1%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +2.1%), while purchases for the other leaders experienced a decline.

In value terms, the largest women knitwear suppliers to South Korea were China ($X), Vietnam ($X) and Indonesia ($X), together accounting for 31% of total imports. These countries were followed by Italy, Cambodia, Bangladesh, Myanmar and the Philippines, which together accounted for a further 6.6%.

In terms of the main suppliers, Bangladesh, with a CAGR of +4.9%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average women knitwear import price amounted to $X per unit, approximately equating the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, women knitwear import price decreased by -18.4% against 2015 indices. The pace of growth appeared the most rapid in 2014 an increase of 69% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per unit), while the price for Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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