Republic of Korea: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Republic of Korea

The South Korean keyboard stringed instrument market expanded sharply to $X in 2022, rising by X% against the previous year. In general, consumption saw a prominent expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Keyboard Stringed Instrument Production in Republic of Korea

In value terms, keyboard stringed instrument production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of X%. Keyboard stringed instrument production peaked at $X in 2020; afterwards, it flattened through to 2022.

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Keyboard Stringed Instrument Exports

Exports from Republic of Korea

In 2022, approx. X units of keyboard stringed instruments were exported from South Korea; falling by X% compared with the previous year. Over the period under review, exports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument exports reduced markedly to $X in 2022. In general, exports faced a drastic downturn. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for keyboard stringed instrument exports from South Korea, with a X% share of total exports. Moreover, keyboard stringed instrument exports to China exceeded the volume sent to the second major destination, Vietnam (X units), ninefold. Chile (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Chile (X% per year).

In value terms, China ($X) remains the key foreign market for keyboard stringed instruments exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Chile ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the average keyboard stringed instrument export price amounted to $X per unit, picking up by X% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument export price decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Mongolia ($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 China (X%), while the prices for the other major destinations experienced a decline.

Keyboard Stringed Instrument Imports

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded decline in purchases abroad of keyboard stringed instruments, which decreased by X% to X units in 2022. Over the period under review, imports continue to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, keyboard stringed instrument imports dropped to $X in 2022. Overall, imports recorded a pronounced downturn. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of keyboard stringed instrument to South Korea, accounting for a X% share of total imports. Moreover, keyboard stringed instrument imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold.

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

In value terms, Japan ($X) constituted the largest supplier of keyboard stringed instruments to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports.

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

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument import price increased by X% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per unit), while the price for Japan ($X per unit) 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 more modest paces of growth.

Source: IndexBox Platform

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