Musical Instrument Strings Price in South Korea - 2022

Musical Instrument Strings Price in South Korea (CIF) - 2022

The average musical instrument strings import price stood at $3.5 per unit in 2022, which is down by -15.8% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, musical instrument strings import price decreased by -18.4% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 27% against the previous year. The import price peaked at $4.3 per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Austria ($31 per unit), while the price for China ($0.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Musical Instrument Strings Price in South Korea (FOB) - 2022

The average musical instrument strings export price stood at $0.7 per unit in 2022, growing by 13% against the previous year. Over the period under review, the export price posted resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 79%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($1.6 per unit), while the average price for exports to China ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+63.4%), while the prices for the other major destinations experienced more modest paces of growth.

Musical Instrument Strings Imports in South Korea

In 2022, the amount of musical instrument stringses imported into South Korea rose remarkably to 2.6M units, growing by 9.5% against 2021 figures. Overall, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +10.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 40% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, musical instrument strings imports dropped to $9.1M in 2022. The total import value increased at an average annual rate of +6.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. As a result, imports attained the peak of $9.9M, and then reduced in the following year.

Import of Musical Instrument Strings in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	1.9	1.8	3.0	3.2	19.0%
Austria	2.1	2.3	3.0	2.0	-1.6%
Germany	1.7	1.6	1.4	1.2	-11.0%
Denmark	0.9	0.7	1.0	0.9	0.0%
France	0.1	0.1	0.3	0.6	81.7%
China	0.2	0.3	0.4	0.5	35.7%
Mexico	0.4	0.3	0.3	0.3	-9.1%
Others	0.2	0.2	0.5	0.5	35.7%
Total	7.6	7.3	9.9	9.1	6.2%

Top Suppliers of Musical Instrument Strings to South Korea in 2022:

China (1187.3K units)
United States (980.6K units)
Mexico (160.0K units)
France (92.4K units)
Austria (65.6K units)
Germany (52.8K units)
Denmark (35.6K units)

Musical Instrument Strings Exports in South Korea

In 2022, shipments abroad of musical instrument stringses decreased by -26.7% to 567K units, falling for the second consecutive year after two years of growth. Over the period under review, exports showed a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of 2% against the previous year. As a result, the exports attained the peak of 923K units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, musical instrument strings exports reduced sharply to $401K in 2022. In general, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. As a result, the exports attained the peak of $485K, and then reduced rapidly in the following year.

Export of Musical Instrument Strings in South Korea (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	117	112	109	96.7	-6.2%
Denmark	N/A	N/A	14.4	35.1	143.8%
United Kingdom	23.3	27.9	20.1	30.7	9.6%
Germany	5.9	4.7	29.8	26.1	64.2%
Argentina	5.0	N/A	16.5	20.6	60.3%
Mexico	N/A	8.8	10.3	18.9	46.6%
Singapore	47.2	22.3	33.3	18.8	-26.4%
China	43.8	65.4	34.8	17.4	-26.5%
Turkey	N/A	N/A	7.1	16.6	133.8%
France	14.8	22.3	30.5	16.6	3.9%
Taiwan (Chinese)	11.5	13.6	15.3	14.7	8.5%
Thailand	47.3	34.7	17.7	9.6	-41.2%
Philippines	8.6	3.6	1.9	8.9	1.1%
Others	122	104	144	70.4	-16.7%
Total	447	419	485	401	-3.6%