Republic of Korea - Spades And Shovels - Market Analysis, Forecast, Size, Trends And Insights
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View PricingSpades and Shovels Price in South Korea - 2022
Contents:
- Spades and Shovels Price in South Korea (CIF) - 2022
- Spades and Shovels Price in South Korea (FOB) - 2022
- Spades and Shovels Imports in South Korea
- Spades and Shovels Exports in South Korea
Spades and Shovels Price in South Korea (CIF) - 2022
In December 2022, the average spades and shovels import price amounted to $1,794 per ton, reducing by -9.8% against the previous month. Overall, the import price showed a pronounced setback. The growth pace was the most rapid in May 2022 when the average import price increased by 8.4% month-to-month. The import price peaked at $2,580 per ton in January 2022; however, from February 2022 to December 2022, import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for China.
From December 2021 to December 2022, the rate of growth in terms of prices for China amounted to -2.4% per month.
Spades and Shovels Price in South Korea (FOB) - 2022
The average spades and shovels export price stood at $2,695 per ton in 2022, which is down by -8.7% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 32%. As a result, the export price attained the peak level of $3,507 per ton. From 2019 to 2022, the average export prices remained at a lower figure.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($12,639 per ton), while the average price for exports to Mongolia ($586 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+14.2%), while the prices for the other major destinations experienced a decline.
Spades and Shovels Imports in South Korea
In 2022, supplies from abroad of spades and shovels decreased by -2.9% to 2.4K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +8.2% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 23% against the previous year.
In value terms, spades and shovels imports contracted to $4.5M in 2022. Overall, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +13.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.6% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 31% against the previous year. As a result, imports attained the peak of $5.1M, and then contracted in the following year.
| Import of Spades and Shovels in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3.0 | 3.8 | 5.0 | 4.4 | 13.6% |
| Others | 0.1 | 0.1 | N/A | N/A | 0.0% |
| Total | 3.0 | 3.9 | 5.1 | 4.5 | 14.5% |
Top Suppliers of Spades and Shovels to South Korea in 2022:
- China (2.4K tons)
Spades and Shovels Exports in South Korea
In 2022, spades and shovels exports from South Korea reduced sharply to 189 tons, with a decrease of -15.2% on the previous year. Overall, exports showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 43%. As a result, the exports attained the peak of 223 tons, and then shrank remarkably in the following year.
In value terms, spades and shovels exports dropped remarkably to $510K in 2022. Over the period under review, exports saw a pronounced decline. The most prominent rate of growth was recorded in 2021 with an increase of 82% against the previous year. As a result, the exports reached the peak of $659K, and then dropped remarkably in the following year.
| Export of Spades and Shovels in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 363 | 117 | 420 | 319 | -4.2% |
| Guinea | 156 | 222 | 187 | 152 | -0.9% |
| Mongolia | 1.9 | 5.4 | 5.8 | 4.4 | 32.3% |
| Kyrgyzstan | N/A | 3.1 | 4.3 | 3.3 | 3.2% |
| Others | 42.4 | 14.7 | 41.6 | 30.7 | -10.2% |
| Total | 563 | 362 | 659 | 510 | -3.2% |
Top Export Markets for Spades and Shovels from South Korea in 2022:
- Guinea (146.9 tons)
- United States (25.3 tons)
- Mongolia (7.5 tons)
- Kyrgyzstan (4.0 tons)
This report provides an in-depth analysis of the spades and shovels market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 25731010 - Spades and shovels
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
-
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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