Republic of Korea: Files And Rasps Market 2024

Files And Rasps Market Size in Republic of Korea

The South Korean files and rasps market contracted to $X in 2022, declining by -8.6% against the previous year. Over the period under review, consumption, however, showed noticeable growth. Files and rasps consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Files And Rasps Production in Republic of Korea

In value terms, files and rasps production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw prominent growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 52% against the previous year. Files and rasps production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

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Files And Rasps Exports

Exports from Republic of Korea

In 2022, after six years of decline, there was significant growth in overseas shipments of files, rasps and similar tools, when their volume increased by 15% to X units. Over the period under review, exports, however, continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 17% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, files and rasps exports expanded sharply to $X in 2022. Overall, exports, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2014 with an increase of 26% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units), Germany (X units) and the Netherlands (X units) were the main destinations of files and rasps exports from South Korea, together comprising 33% of total exports. China, the United States, Hong Kong SAR, Portugal, Vietnam, Papua New Guinea, the Philippines, French Polynesia, Greece and Panama lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for French Polynesia (with a CAGR of +47.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for files, rasps and similar tools exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by Germany ($X), with an 8.9% share of total exports. It was followed by the Netherlands, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-4.5% per year) and the Netherlands (-11.7% per year).

Export Prices by Country

In 2022, the average files and rasps export price amounted to $X per unit, with a decrease of -3.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 27% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average 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 Japan ($X per unit), while the average price for exports to French Polynesia (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+22.5%), while the prices for the other major destinations experienced more modest paces of growth.

Files And Rasps Imports

Imports into Republic of Korea

In 2022, imports of files, rasps and similar tools into South Korea rose sharply to X units, with an increase of 6.9% on 2021 figures. Overall, imports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2016 with an increase of 65% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, files and rasps imports shrank slightly to $X in 2022. Over the period under review, imports, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 30% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of files and rasps to South Korea, accounting for a 54% share of total imports. Moreover, files and rasps imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-18.9% per year) and Taiwan (Chinese) (-13.6% per year).

In value terms, China ($X) constituted the largest supplier of files, rasps and similar tools to South Korea, comprising 34% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by Germany, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-3.9% per year) and Germany (-11.5% per year).

Import Prices by Country

The average files and rasps import price stood at $X per unit in 2022, waning by -10.9% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, files and rasps import price increased by +39.6% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 69% against the previous year. The import price peaked at $X per unit in 2021, and then fell in the following year.

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 Switzerland ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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