Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea - 2022
Contents:
- Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (FOB) - 2022
- Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (CIF) - 2022
- Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea
- Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea
Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (FOB) - 2022
The average export price for refrigerating or freezing equipment; parts thereof, other than furniture stood at $54.2 per unit in December 2022, dropping by -3.8% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +1.1%. The most prominent rate of growth was recorded in June 2022 when the average export price increased by 12% m-o-m. The export price peaked at $56.3 per unit in November 2022, and then reduced slightly in the following month.
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 ($115 per unit), while the average price for exports to the United States ($43.1 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 (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (CIF) - 2022
In 2022, the average import price for refrigerating or freezing equipment; parts thereof, other than furniture amounted to $27 per unit, picking up by 15% against the previous year. Overall, the import price, however, continues to indicate a slight descent. The import price peaked at $33 per unit in 2015; however, from 2016 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 Thailand ($42 per unit), while the price for China ($20 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea
After three years of growth, overseas shipments of refrigerating or freezing equipment; parts thereof, other than furniture decreased by -19.3% to 9.3M units in 2022. In general, exports recorded a mild setback. The growth pace was the most rapid in 2021 with an increase of 15% against the previous year. As a result, the exports reached the peak of 11M units, and then fell sharply in the following year.
In value terms, exports of refrigerating or freezing equipment; parts thereof, other than furniture dropped to $478M in 2022. The total export value increased at an average annual rate of +6.0% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 27% against the previous year. As a result, the exports attained the peak of $562M, and then contracted in the following year.
| Export of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Mexico | 134 | 143 | 191 | 152 | 4.3% |
| United States | 67.8 | 77.6 | 112 | 90.7 | 10.2% |
| Poland | 41.8 | 40.2 | 62.5 | 59.7 | 12.6% |
| China | 55.6 | 64.0 | 62.3 | 46.8 | -5.6% |
| United Arab Emirates | 3.2 | 15.9 | 18.5 | 29.9 | 110.6% |
| India | 12.5 | 14.1 | 14.8 | 18.4 | 13.8% |
| Japan | 7.8 | 12.8 | 14.0 | 14.2 | 22.1% |
| Vietnam | 13.7 | 12.8 | 15.2 | 10.7 | -7.9% |
| Indonesia | 11.7 | 12.8 | 12.8 | 10.3 | -4.2% |
| Thailand | 6.0 | 6.8 | 6.4 | 3.9 | -13.4% |
| Others | 47.7 | 43.1 | 53.1 | 41.7 | -4.4% |
| Total | 402 | 443 | 562 | 478 | 5.9% |
Top Export Markets for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture from South Korea in 2022:
- Mexico (3277.4K units)
- United States (2023.5K units)
- Poland (1055.4K units)
- China (642.5K units)
- United Arab Emirates (338.0K units)
- Japan (292.9K units)
- India (276.2K units)
- Vietnam (215.4K units)
- Indonesia (171.6K units)
- Thailand (79.5K units)
Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea
In 2022, after three years of growth, there was significant decline in overseas purchases of refrigerating or freezing equipment; parts thereof, other than furniture, when their volume decreased by -25% to 4.6M units. Overall, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 6.9% against the previous year. Over the period under review, imports of hit record highs at 6.1M units in 2021, and then shrank sharply in the following year.
In value terms, imports of refrigerating or freezing equipment; parts thereof, other than furniture reduced to $122M in 2022. Over the period under review, imports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 10%. As a result, imports attained the peak of $142M, and then dropped in the following year.
| Import of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 92.1 | 94.5 | 103 | 76.1 | -6.2% |
| Vietnam | 5.1 | 7.6 | 8.0 | 9.9 | 24.7% |
| Thailand | 2.2 | 5.1 | 8.8 | 8.5 | 56.9% |
| Others | 32.7 | 21.5 | 22.1 | 28.0 | -5.0% |
| Total | 132 | 129 | 142 | 122 | -2.6% |
Top Suppliers of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture to South Korea in 2022:
- China (3.8M units)
- Vietnam (0.3M units)
- Thailand (0.2M units)
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