Republic of Korea: Accordion Market 2024

Accordion Market Size in Republic of Korea

In 2023, the South Korean accordion market decreased by X% to $X, falling for the seventh year in a row after three years of growth. In general, consumption showed a abrupt shrinkage. Accordion consumption peaked at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Accordion Production in Republic of Korea

In value terms, accordion production stood at $X in 2023 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2023, production growth failed to regain momentum.

Accordion Exports

Exports from Republic of Korea

In 2023, approx. X units of accordions and mouth organs were exported from South Korea; dropping by X% compared with 2022 figures. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, accordion exports shrank remarkably to $X in 2023. Overall, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2022 with an increase of X%. The exports peaked at $X in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for accordion exports from South Korea, with a X% share of total exports. Moreover, accordion exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Japan (X% per year).

In value terms, the United States ($X) remains the key foreign market for accordions and mouth organs exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with an X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Canada (X% per year).

Export Prices by Country

In 2023, the average accordion export price amounted to $X per unit, increasing by X% against the previous year. In general, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. The export price peaked at $X per unit in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Republic of Korea

In 2023, supplies from abroad of accordions and mouth organs decreased by X% to X units, falling for the fifth consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, accordion imports fell to $X in 2023. In general, imports recorded a perceptible decrease. The growth pace was the most rapid in 2018 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and France (X units) were the main suppliers of accordion imports to South Korea, with a combined X% share of total imports. Indonesia, Germany, Taiwan (Chinese), Thailand and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), France ($X) and Indonesia ($X) appeared to be the largest accordion suppliers to South Korea, with a combined X% share of total imports. Germany, the United States, China, Taiwan (Chinese) and Thailand lagged somewhat behind, together comprising a further X%.

Thailand, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average accordion import price stood at $X per unit in 2023, rising by X% against the previous year. In general, the import price showed a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform