Republic of Korea: Wood Charcoal Market 2024

Wood Charcoal Market Size in Republic of Korea

In 2021, the South Korean wood charcoal market decreased by -40.8% to $X, falling for the third year in a row after seven years of growth. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Wood Charcoal Production in Republic of Korea

In value terms, wood charcoal production contracted to $X in 2021 estimated in export price. Over the period under review, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when the production volume increased by 70% against the previous year. Wood charcoal production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Wood Charcoal Exports

Exports from Republic of Korea

In 2021, shipments abroad of wood charcoal decreased by -5.3% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a mild descent. The pace of growth was the most pronounced in 2014 with an increase of 87%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, wood charcoal exports surged to $X in 2021. Overall, exports continue to indicate a mild downturn. The growth pace was the most rapid in 2014 when exports increased by 67%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for wood charcoal exports from South Korea, accounting for a 46% share of total exports. Moreover, wood charcoal exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. China (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+4.6% per year) and China (-14.1% per year).

In value terms, Japan ($X) remains the key foreign market for wood charcoal exports from South Korea, comprising 55% of total exports. The second position in the ranking was held by China ($X), with a 13% share of total exports. It was followed by Malaysia, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +28.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-15.7% per year) and Malaysia (-3.4% per year).

Export Prices by Country

In 2021, the average wood charcoal export price amounted to $X per ton, rising by 43% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Canada ($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 the United Arab Emirates (+80.6%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Charcoal Imports

Imports into Republic of Korea

In 2021, overseas purchases of wood charcoal decreased by -38.6% to X tons, falling for the third consecutive year after seven years of growth. Overall, imports, however, saw a tangible increase. The pace of growth appeared the most rapid in 2014 when imports increased by 23%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, wood charcoal imports reduced remarkably to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 22%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Vietnam (X tons), Indonesia (X tons) and Lao People's Democratic Republic (X tons) were the main suppliers of wood charcoal imports to South Korea, together accounting for 86% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lao People's Democratic Republic (with a CAGR of +72.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest wood charcoal suppliers to South Korea were Vietnam ($X), Indonesia ($X) and China ($X), together comprising 88% of total imports. The Philippines, Lao People's Democratic Republic and Thailand lagged somewhat behind, together accounting for a further 9.8%.

Among the main suppliers, Lao People's Democratic Republic, with a CAGR of +45.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wood charcoal import price amounted to $X per ton, dropping by -13.5% against the previous year. Over the period under review, the import price continues to indicate a perceptible contraction. The growth pace was the most rapid in 2018 an increase of 7.6%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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