Price for Non-Furniture Refrigerating or Freezing Equipment in South Korea - 2022
Contents:
- Price for Non-Furniture Refrigerating or Freezing Equipment in South Korea (FOB) - 2022
- Price for Non-Furniture Refrigerating or Freezing Equipment in South Korea (CIF) - 2022
- Exports of Non-Furniture Refrigerating or Freezing Equipment in South Korea
- Imports of Non-Furniture Refrigerating or Freezing Equipment in South Korea
Price for Non-Furniture Refrigerating or Freezing Equipment in South Korea (FOB) - 2022
In December 2022, the average export price for non-furniture refrigerating or freezing equipment amounted to $155 per unit, surging by 2.9% against the previous month. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in November 2022 an increase of 13% against the previous month. Over the period under review, the average export prices reached the maximum in December 2022.
There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was the United Arab Emirates ($290 per unit), while the average price for exports to Spain ($91.5 per unit) 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 United Arab Emirates (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Non-Furniture Refrigerating or Freezing Equipment in South Korea (CIF) - 2022
In 2022, the average import price for non-furniture refrigerating or freezing equipment amounted to $184 per unit, rising by 2.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 13%. The import price peaked at $222 per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($421 per unit), while the price for China ($119 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Non-Furniture Refrigerating or Freezing Equipment in South Korea
In 2022, approx. 1.8M units of non-furniture refrigerating or freezing equipment were exported from South Korea; surging by 1.7% compared with 2021 figures. The total export volume increased at an average annual rate of +4.1% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 8.3% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, non-furniture refrigerating or freezing equipment exports soared to $261M in 2022. The total export value increased at an average annual rate of +9.6% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Non-Furniture Refrigerating or Freezing Equipment in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 23.2 | 18.1 | 35.1 | 74.7 | 47.7% |
| Japan | 66.5 | 71.8 | 80.3 | 17.7 | -35.7% |
| China | 2.5 | 3.0 | 2.8 | 16.9 | 89.1% |
| Vietnam | 9.7 | 11.0 | 6.2 | 9.5 | -0.7% |
| United Arab Emirates | 7.2 | 8.3 | 7.0 | 7.9 | 3.1% |
| Iran | 6.4 | 6.7 | 7.0 | 7.4 | 5.0% |
| Russia | 3.4 | 3.7 | 5.5 | 5.8 | 19.5% |
| Saudi Arabia | 4.0 | 5.1 | 4.8 | 5.0 | 7.7% |
| Thailand | 6.1 | 3.7 | 3.4 | 4.6 | -9.0% |
| Philippines | 7.9 | 5.3 | 4.1 | 4.5 | -17.1% |
| Pakistan | 0.7 | 1.4 | 3.9 | 4.0 | 78.8% |
| Spain | 11.6 | 14.7 | 15.6 | 3.1 | -35.6% |
| Indonesia | 3.8 | 1.4 | 2.8 | 2.9 | -8.6% |
| Others | 45.2 | 42.4 | 47.1 | 97.2 | 29.1% |
| Total | 198 | 197 | 226 | 261 | 9.6% |
Top Export Markets for Non-Furniture Refrigerating or Freezing Equipment from South Korea in 2022:
- United States (496.0K units)
- Japan (192.4K units)
- United Arab Emirates (126.5K units)
- Vietnam (89.4K units)
- Iran (78.2K units)
- Saudi Arabia (71.7K units)
- Russia (66.7K units)
- Pakistan (57.0K units)
- China (51.3K units)
- Thailand (47.9K units)
- Indonesia (31.8K units)
- Philippines (30.1K units)
- Spain (29.1K units)
Imports of Non-Furniture Refrigerating or Freezing Equipment in South Korea
In 2022, imports of non-furniture refrigerating or freezing equipment into South Korea stood at 753K units, increasing by 10% compared with the year before. The total import volume increased at an average annual rate of +10.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.
In value terms, non-furniture refrigerating or freezing equipment imports stood at $139M in 2022. The total import value increased at an average annual rate of +11.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.
| Import of Non-Furniture Refrigerating or Freezing Equipment in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 41.9 | 46.7 | 72.4 | 56.7 | 10.6% |
| United States | 30.4 | 27.0 | 17.8 | 21.4 | -11.0% |
| Italy | 7.6 | 4.1 | 5.7 | 7.0 | -2.7% |
| United Kingdom | 2.8 | 2.2 | 5.1 | 4.4 | 16.3% |
| Japan | 4.2 | 7.4 | 4.0 | 3.8 | -3.3% |
| Others | 13.8 | 13.2 | 18.1 | 45.2 | 48.5% |
| Total | 101 | 101 | 123 | 139 | 11.2% |
Top Suppliers of Non-Furniture Refrigerating or Freezing Equipment to South Korea in 2022:
- China (477.5K units)
- United States (78.2K units)
- Italy (39.0K units)
- Japan (10.8K units)
- United Kingdom (10.5K units)
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