Seals; Mechanical Price in South Korea - 2022

Contents:

1. Seals; Mechanical Price in South Korea (CIF) - 2022
2. Seals; Mechanical Price in South Korea (FOB) - 2022
3. Seals; Mechanical Imports in South Korea
4. Seals; Mechanical Exports in South Korea

Seals; Mechanical Price in South Korea (CIF) - 2022

The average seals; mechanical import price stood at $7 per unit in 2022, which is down by -1.7% against the previous year. Overall, the import price, however, saw a strong increase. The pace of growth was the most pronounced in 2016 when the average import price increased by 73% against the previous year. Over the period under review, average import prices attained the peak figure at $7.2 per unit in 2021, and then shrank in the following year.

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 the UK ($15 per unit), while the price for India ($2.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Seals; Mechanical Price in South Korea (FOB) - 2022

The average seals; mechanical export price stood at $0.3 per unit in 2022, waning by -89.9% against the previous year. Over the period under review, the export price saw a sharp descent. The most prominent rate of growth was recorded in 2014 an increase of 21% against the previous year. As a result, the export price attained the peak level of $4.4 per unit. From 2015 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Myanmar.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +6.9% per year.

Seals; Mechanical Imports in South Korea

In 2022, approx. 10M units of seals; mechanicals were imported into South Korea; which is down by -3.4% against the previous year. Over the period under review, imports continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2021 with an increase of 7.5% against the previous year. Imports peaked at 11M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, seals; mechanical imports reduced to $71M in 2022. The total import value increased at an average annual rate of +2.7% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 11%. As a result, imports reached the peak of $75M, and then shrank in the following year.

Top Suppliers of Seals; Mechanical to South Korea in 2022:

1. Japan (2.8M units)
2. China (2.2M units)
3. United States (1.3M units)
4. Germany (1.1M units)
5. India (0.2M units)
6. France (0.2M units)
7. Italy (0.1M units)

Seals; Mechanical Exports in South Korea

For the fourth consecutive year, South Korea recorded growth in overseas shipments of seals; mechanicals, which increased by 802% to 69M units in 2022. In general, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, seals; mechanical exports dropped to $22M in 2022. The total export value increased at an average annual rate of +5.6% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 22%. As a result, the exports reached the peak of $24M, and then reduced in the following year.

Top Export Markets for Seals; Mechanical from South Korea in 2022:

1. Myanmar (69.4M units)

Source: IndexBox Market Intelligence Platform