Republic of Korea: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Republic of Korea

In 2023, after two years of growth, there was decline in the South Korean conveyor or transmission belt market, when its value decreased by X% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2023, the growth of the market remained at a somewhat lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Republic of Korea

In value terms, conveyor or transmission belt production amounted to $X in 2023 estimated in export price. In general, production, however, recorded a slight reduction. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2023, production growth remained at a lower figure.

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Exports of Conveyor Or Transmission Belts Or Belting

Exports from Republic of Korea

In 2023, exports of conveyor or transmission belts or belting from South Korea reached X tons, increasing by X% compared with the previous year. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, conveyor or transmission belt exports rose significantly to $X in 2023. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for conveyor or transmission belt exports from South Korea, accounting for a X% share of total exports. Moreover, conveyor or transmission belt exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by India (X tons), with a X% share.

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

In value terms, the United States ($X), the United Arab Emirates ($X) and Russia ($X) constituted the largest markets for conveyor or transmission belt exported from South Korea worldwide, with a combined X% share of total exports. India, China, Colombia, Vietnam, Saudi Arabia, Japan, Germany, Ecuador, Australia and Indonesia lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Colombia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average conveyor or transmission belt export price amounted to $X per ton, standing approx. at the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2023, 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 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Republic of Korea

In 2023, after two years of growth, there was significant decline in supplies from abroad of conveyor or transmission belts or belting, when their volume decreased by X% to X tons. Over the period under review, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, conveyor or transmission belt imports declined slightly to $X in 2023. In general, total imports indicated temperate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked at $X in 2022, and then shrank modestly in the following year.

Imports by Country

China (X tons), Vietnam (X tons) and Japan (X tons) were the main suppliers of conveyor or transmission belt imports to South Korea, together accounting for X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of conveyor or transmission belts or belting to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Japan (X% per year).

Import Prices by Country

In 2023, the average conveyor or transmission belt import price amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a noticeable slump. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform