Republic of Korea: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Republic of Korea

In 2022, the South Korean ball bearing parts market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a pronounced slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Ball Bearing Parts Production in Republic of Korea

In value terms, ball bearing parts production contracted modestly to $X in 2022 estimated in export price. In general, production, however, posted a resilient increase. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Ball bearing parts production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Ball Bearing Parts Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of parts of ball or roller bearings, when their volume decreased by X% to X tons. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, ball bearing parts exports shrank to $X in 2022. Overall, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of X%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Mexico (X tons) was the main destination for ball bearing parts exports from South Korea, accounting for a X% share of total exports. Moreover, ball bearing parts exports to Mexico exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. The third position in this ranking was held by Germany (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Germany (X% per year).

In value terms, the largest markets for ball bearing parts exported from South Korea were Mexico ($X), the United States ($X) and China ($X), with a combined X% share of total exports. Japan, France, Vietnam, Brazil, Germany and India lagged somewhat behind, together comprising a further X%.

Brazil, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ball bearing parts export price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($X 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 India (X%), while the prices for the other major destinations experienced mixed trend patterns.

Ball Bearing Parts Imports

Imports into Republic of Korea

In 2022, imports of parts of ball or roller bearings into South Korea shrank to X tons, reducing by X% against 2021 figures. Overall, imports continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2021 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ball bearing parts imports reduced to $X in 2022. Over the period under review, imports continue to indicate a mild slump. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest ball bearing parts supplier to South Korea, accounting for a X% share of total imports. Moreover, ball bearing parts imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sevenfold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Vietnam (X% per year).

In value terms, China ($X) constituted the largest supplier of parts of ball or roller bearings to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Germany (X% per year).

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :