Republic of Korea: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Republic of Korea

The South Korean machinery electrical parts market expanded modestly to $X in 2022, picking up by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Machinery Electrical Parts Production in Republic of Korea

In value terms, machinery electrical parts production reached $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

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Machinery Electrical Parts Exports

Exports from Republic of Korea

In 2022, approx. X tons of electrical parts of machinery or apparatus were exported from South Korea; increasing by X% compared with the previous year. Over the period under review, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, machinery electrical parts exports declined to $X in 2022. In general, exports, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), Vietnam (X tons) and Indonesia (X tons) were the main destinations of machinery electrical parts exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for machinery electrical parts exported from South Korea were Vietnam ($X), China ($X) and the United States ($X), with a combined X% share of total exports. Thailand, India, Indonesia and Mexico lagged somewhat behind, together accounting for a further X%.

Mexico, 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

In 2022, the average machinery electrical parts export price amounted to $X per ton, which is down by X% against the previous year. Overall, the export price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($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 the United States (X%), while the prices for the other major destinations experienced a decline.

Machinery Electrical Parts Imports

Imports into Republic of Korea

In 2022, the amount of electrical parts of machinery or apparatus imported into South Korea declined modestly to X tons, with a decrease of X% against the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, machinery electrical parts imports dropped to $X in 2022. Overall, imports showed a slight shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Japan (X tons) were the main suppliers of machinery electrical parts imports to South Korea, together accounting for X% of total imports. Thailand lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest machinery electrical parts suppliers to South Korea were Japan ($X), China ($X) and Vietnam ($X), together comprising X% of total imports. Thailand lagged somewhat behind, accounting for a further X%.

Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average machinery electrical parts import price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

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