Price for Machines; Parts and Accessories, of Heading No. 8472 in South Korea - 2022

Contents:

1. Price for Machines; Parts and Accessories, of Heading No. 8472 in South Korea (FOB) - 2022
2. Price for Machines; Parts and Accessories, of Heading No. 8472 in South Korea (CIF) - 2022
3. Exports of Machines; Parts and Accessories, of Heading No. 8472 in South Korea
4. Imports of Machines; Parts and Accessories, of Heading No. 8472 in South Korea

Price for Machines; Parts and Accessories, of Heading No. 8472 in South Korea (FOB) - 2022

In December 2022, the average export price for machines; parts and accessories, of heading no. 8472 amounted to $89,013 per ton, increasing by 30% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +1.0%. The export price peaked at $105K per ton in April 2022; however, from May 2022 to December 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In December 2022, the country with the highest price was the Philippines ($400K per ton), while the average price for exports to Japan ($35,464 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Machines; Parts and Accessories, of Heading No. 8472 in South Korea (CIF) - 2022

In December 2022, the average import price for machines; parts and accessories, of heading no. 8472 amounted to $21,552 per ton, which is down by -28.1% against the previous month. Over the period under review, the import price, however, recorded a modest increase. The most prominent rate of growth was recorded in July 2022 when the average import price increased by 59% month-to-month. Over the period under review, average import prices attained the maximum at $41,962 per ton in August 2022; however, from September 2022 to December 2022, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Vietnam ($26,095 per ton), while the price for China totaled $16,315 per ton.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+0.6%).

Exports of Machines; Parts and Accessories, of Heading No. 8472 in South Korea

In 2022, exports of machines; parts and accessories, of heading no. 8472 from South Korea skyrocketed to 1.8K tons, increasing by 44% against 2021. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 87% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, exports of machines; parts and accessories, of heading no. 8472 expanded significantly to $81M in 2022. In general, total exports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +12.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to continue growth in the near future.

Top Export Markets for Machines; Parts and Accessories, of Heading No. 8472 from South Korea in 2022:

1. United States (631.5 tons)
2. United Kingdom (616.0 tons)
3. China (104.0 tons)
4. Hong Kong SAR (76.7 tons)
5. Vietnam (74.6 tons)
6. Japan (48.3 tons)

Imports of Machines; Parts and Accessories, of Heading No. 8472 in South Korea

In 2022, imports of machines; parts and accessories, of heading no. 8472 into South Korea contracted to 2.3K tons, which is down by -10% compared with 2021. Overall, total imports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +12.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.5% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 73% against the previous year. As a result, imports reached the peak of 2.6K tons, and then reduced in the following year.

In value terms, imports of machines; parts and accessories, of heading no. 8472 shrank significantly to $54M in 2022. In general, imports, however, showed tangible growth. The most prominent rate of growth was recorded in 2021 when imports increased by 78%. As a result, imports attained the peak of $87M, and then dropped dramatically in the following year.

Top Suppliers of Machines; Parts and Accessories, of Heading No. 8472 to South Korea in 2022:

1. China (2120.4 tons)
2. Vietnam (90.1 tons)
3. Hong Kong SAR (56.7 tons)

Source: IndexBox Market Intelligence Platform