Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea - 2022

Contents:

1. Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea (CIF) - 2022
2. Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea (FOB) - 2022
3. Imports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea
4. Exports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea

Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea (CIF) - 2022

The average import price for t-shirts, singlets and other vests; of cotton, knitted or crocheted stood at $6 per unit in 2022, surging by 4.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2020 an increase of 19% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($6 per unit) and India ($6 per unit), while the price for Italy ($6 per unit) and Turkey ($6 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea (FOB) - 2022

In 2022, the average export price for t-shirts, singlets and other vests; of cotton, knitted or crocheted amounted to $6 per unit, rising by 23% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for t-shirts, singlets and other vests; of cotton, knitted or crocheted decreased by -10.6% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the average export price increased by 32%. Over the period under review, the average export prices hit record highs at $6.8 per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($20 per unit), while the average price for exports to Mongolia ($415 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea

In 2022, the amount of t-shirts, singlets and other vests; of cotton, knitted or crocheted imported into South Korea rose rapidly to 113M units, picking up by 6.8% on the previous year. The total import volume increased at an average annual rate of +2.7% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of t-shirts, singlets and other vests; of cotton, knitted or crocheted rose remarkably to $681M in 2022. In general, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +15.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.9% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 20% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted to South Korea in 2022:

1. China (31.9M units)
2. Vietnam (21.7M units)
3. Bangladesh (16.1M units)
4. Portugal (9.3M units)
5. Italy (6.5M units)
6. Indonesia (5.3M units)
7. Turkey (2.8M units)

Exports of T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted in South Korea

In 2022, after three years of growth, there was significant decline in shipments abroad of t-shirts, singlets and other vests; of cotton, knitted or crocheted, when their volume decreased by -16.7% to 22M units. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 98% against the previous year. The exports peaked at 26M units in 2021, and then plummeted in the following year.

In value terms, exports of t-shirts, singlets and other vests; of cotton, knitted or crocheted reached $130M in 2022. In general, exports, however, saw significant growth. The pace of growth was the most pronounced in 2020 with an increase of 77%. The exports peaked in 2022 and are likely to see steady growth in the near future.

Top Export Markets for T-Shirts, Singlets and Other Vests; of Cotton, Knitted or Crocheted from South Korea in 2022:

1. United States (3.9M units)
2. Hong Kong SAR (3.8M units)
3. Japan (2.8M units)
4. China (2.1M units)
5. Singapore (1.5M units)
6. Mongolia (1.1M units)
7. Taiwan (Chinese) (0.9M units)
8. Macao SAR (0.9M units)
9. France (0.7M units)
10. United Arab Emirates (0.6M units)
11. Canada (0.4M units)
12. Nicaragua (0.4M units)
13. Vietnam (0.2M units)

Source: IndexBox Market Intelligence Platform