Aluminium foils export by South Korea to extend growth by 6.42% in 2019; USA to be the leading importer

The development of new and diversified packaging styles and high potential in emerging economies are found to provide a significant lead to the aluminium foil packaging market. The demand for aluminium foil in the packaging industry is expected to exceed 4 per cent in the years ahead. The pharmaceutical and drug industry is primarily driving the growth of aluminium foil packaging market because of the increasing use of aluminium foil in packing medicines, followed by the food packaging industry.

To cash on this increasing use and demand for aluminium foil in various industries, some countries, on the other hand, are increasing their exports and yielding higher profits. South Korea is one such country whose aluminium foils export is found growing with each passing year. According to the global export import data, the country’s aluminium foils export in 2016 was at 43,572 tonnes, while in 2017 66,018 tonnes, up 52 per cent. In 2018, the export amount grew further to 84,520 tonnes, up 28 per cent from 2018. This growth trend is likely to continue in 2019 as well, as the export volume is estimated to peg at 89,950 tonnes, 6.42 per cent higher than in 2018.

In tandem with the rise in export volume, South Korea’s aluminium foils export value has also been found rising over the years, according to the available data. From US$379 million in 2016, the country’s export value grew to US$595 million in 2017, up 57 per cent. In 2018, the value rose further to US$661 million, up 11 per cent from 2017. This year, the country is expected to generate about US$694 million from its aluminium foils export, 5 per cent higher than in the previous year.

The USA is expected to be the leading importer of aluminium foil from South Korea this year, securing 27,142 tonnes, followed by China 13,004 tonnes and India 8,147 tonnes.

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