Wood in the rough market in South Korea

Earlier Report Observations

The South Korean wood in the rough market contracted from 5.6 million metric tons in 2018 to 4.9 million metric tons by 2020. This decline was initially triggered by an economic slowdown in 2019 which reduced overall timber consumption. Although forest thinning volumes increased by 28.3% in 2020 to boost domestic roundwood output, the country's timber self-sufficiency rate continued to fall, reflecting persistent challenges in local supply.

Market volume rebounded to 5.1 million metric tons in 2021, supported by a 14.7% increase in domestic wood utilization and a higher overall wood use rate. The trend reversed from 2022 onward, with the market shrinking to 4.2 million metric tons by 2023. This later downturn coincided with a 17% contraction in global wood trade and industry consolidation, highlighted by Kamps Inc.'s acquisition of Realm Companies LLC to strengthen its wood pallet manufacturing capacity.

Throughout the period, rising biomass imports under the Renewable Energy Certificate scheme altered the import structure, but this shift did not offset the broader demand decline from traditional sectors like construction, which faced a sustained slowdown.

Production wood in the rough in South Korea

In kind, 2017-2020, K t

Top producers of wood in the rough, 2017-2020

World map of production of wood in the rough, 2017-2020

South Korea's production of wood in the rough has declined for three consecutive years. In 2020, the country produced 2,573 thousand tons, which represents a 7.3% decrease compared to the previous year. From 2017 to 2020, production fell by 18.3%, averaging an annual decline of 6.5%.

Annual dynamics of production in South Korea in kind, 2017-2020, K t

Exports wood in the rough from South Korea

Exports in kind, K t

The market showed an unstable trend throughout the period. Exports reached their lowest point in 2019 and peaked in 2017, with a ninefold difference between these years. In 2020, South Korea exported 0.4 thousand tons of wood in the rough, marking a sharp increase of 141.7% from 2019. The minimum value was recorded in 2019 at 0.2 thousand tons, while the largest decline occurred in 2019 with a drop of 87.3%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, K t

From 2017 to 2020, the country structure of exports in kind was highly concentrated, with China alone accounting for 91.4% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, M $ US

There were noticeable fluctuations in market performance during this period. Exports bottomed in 2019 and peaked in 2018, with a 1.9-fold difference. In 2020, wood in the rough exports from South Korea stood at 0.4 million US dollars, showing a 15.9% increase compared to 2019. The minimum value was recorded in 2019 at 0.3 million US dollars, while the maximum was in 2018 at 0.6 million US dollars. The largest decline occurred in 2019 with a 48.4% drop, and the largest increase was in 2018 with a 71.8% rise.

Annual dynamics of product's exports from South Korea in value, 2017-2020, M $ US

From 2017 to 2020, China consistently accounted for 75.4% of total exports in value terms, indicating a high concentration on this market, while the remaining share was distributed among other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports wood in the rough to South Korea

Imports in kind, K t

After a two-year decline, wood in the rough imports to South Korea increased. In 2020, import volume totaled 2,281 thousand tons, showing a 2.0% uptick from the previous year. From 2017 to 2020, imports decreased by 25.8%, averaging an annual decline of 9.5%. The minimum value was recorded in 2019 at 2,237 thousand tons, and the largest decline occurred in 2018 with a 15.7% drop.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, K t

From 2017 to 2020, New Zealand was the dominant market for imports in kind, taking 73.4% of total flows, while other countries together accounted for the remaining share.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, M $ US

Wood in the rough import volumes in South Korea declined for the third consecutive year. In 2020, imports amounted to 368.9 million US dollars, constituting a modest contraction of 9.3% from 2019. Over the period from 2017 to 2020, imports decreased by 36.8%, with a compound annual growth rate of -14.2%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, M $ US

From 2017 to 2020, New Zealand (56.8% of imports in value terms), the United States (14.1%), and Canada (13.1%) remained the leading destinations in the country structure of imports in value terms, with a combined share of 84.1% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020