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The General Administration of Customs of China has released China’s export and import data recently. VPFIT have analyze the data about China vape exports to South Korea in August 2023. Let’s see the data that the vape manufacturers from China has achieved.
In August 2023, the total value of Chinese vape exports to South Korea is US$59.1 million (approximately RMB 432 million). The value gets a month-on-month decrease of 12.54% and a year-on-year increase of 20.75%.
In addition, the export volume of China vapes to South Korea in August 2023 is 2,588,260 kilograms. It is an increase of 8.73% month-on-month and a year-on-year increase of 128.33%.
Moreover, the China vape export unit price to South Korea is US$22.84/kg (approximately RMB 167/kg). The unit price of vapes from China gets a month-on-month decrease of 19.56% and a year-on-year decrease of 47.12%.
The vape market in South Korea has reached tens of billions of dollars and is expected to reach hundreds of billions of dollars in 2023. South Korea has some local tobacco cigarette and vape manufacturer like KT&G.
Chinese vapes are taking large market share in South Korea’s import vapes. According to the imports data of South Korea in July, China vape accounts for 58.41% of the total South Korea’s vape import value.
In addition, let’s see a survey data released by South Korea’s Ministry of Strategy and Finance. The market share of vapes in South Korea’s entire tobacco market increased from 2.2% in 2017 to 14.8% in the first half of 2022. More and more vape manufacturers from China, Vietnam and Malaysia are exploring this vape market in recent years.