Between 2013 and 2023, the import value of Furniture, Lighting, Signs, and Prefabricated Buildings to South Korea showed an overall upward trend, rising from 2.2105 Billion USD in 2013 to 3.8362 Billion USD in 2023. The value stood at 3.8362 Billion USD in 2023. Significant growth periods were noted in 2014 with a 16.74% year-on-year increase and in 2021 with a 24.78% rise. However, 2020 experienced a notable decline of 13.86%. The compound annual growth rate (CAGR) over the past five years (2019-2023) was 3.55%.
Looking forward, the forecasted data from 2024 to 2028 suggests a stable increase, with the value predicted to reach 4.4581 Billion USD by 2028. The forecasted 5-year CAGR is estimated at 2.36%, translating to a forecasted 5-year growth rate of 12.38%.
Future trends to watch for include potential impacts from global economic shifts, trade policies, and innovations in the furniture and lighting sectors. Additionally, South Korea's domestic demand and housing market dynamics will be critical factors influencing import patterns.