Republic of Korea: Woven Carpet Market 2024

Woven Carpet Market Size in Republic of Korea

In 2022, after ten years of growth, there was significant decline in the South Korean woven carpet market, when its value decreased by X% to $X. Overall, consumption, however, saw a buoyant expansion. Woven carpet consumption peaked at $X in 2021, and then contracted in the following year.

Woven Carpet Exports

Exports from Republic of Korea

Woven carpet exports from South Korea shrank sharply to X square meters in 2022, waning by X% against 2021. In general, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at X square meters in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, woven carpet exports dropped rapidly to $X in 2022. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X square meters) was the main destination for woven carpet exports from South Korea, accounting for a X% share of total exports. Moreover, woven carpet exports to the United States exceeded the volume sent to the second major destination, Japan (X square meters), threefold. China (X square meters) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and China (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for woven carpets and other woven textile coverings exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the Philippines ($X), with an X% share of total exports. It was followed by China, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and China (X% per year).

Export Prices by Country

The average woven carpet export price stood at $X per square meter in 2022, jumping by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per square meter in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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

Woven Carpet Imports

Imports into Republic of Korea

In 2022, purchases abroad of woven carpets and other woven textile coverings decreased by X% to X square meters for the first time since 2013, thus ending a eight-year rising trend. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at X square meters in 2021, and then declined in the following year.

In value terms, woven carpet imports shrank to $X in 2022. Over the period under review, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Vietnam (X square meters) constituted the largest woven carpet supplier to South Korea, accounting for a X% share of total imports. Moreover, woven carpet imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X square meters), twofold. Belgium (X square meters) ranked third in terms of total imports with a X% share.

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

In value terms, the largest woven carpet suppliers to South Korea were Vietnam ($X), China ($X) and India ($X), together comprising X% of total imports. Belgium, Turkey, Spain, Sweden and Egypt lagged somewhat behind, together comprising a further X%.

Spain, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average woven carpet import price amounted to $X per square meter, rising by X% against the previous year. In general, the import price, however, saw a perceptible reduction. Over the period under review, average import prices attained the peak figure at $X per square meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Sweden ($X per square meter) and India ($X per square meter), while the price for Vietnam ($X per square meter) and Turkey ($X per square meter) were amongst the lowest.

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

Source: IndexBox Platform

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