Republic of Korea: Market for Machine Tools For Working Metal Without Removing Metal 2024

Market Size for Machine Tools For Working Metal Without Removing Metal in Republic of Korea

The South Korean machine tool for metal market shrank to $X in 2022, declining by X% against the previous year. Overall, consumption saw a prominent expansion. Machine tool for metal consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Machine Tools For Working Metal Without Removing Metal in Republic of Korea

In value terms, machine tool for metal production declined modestly to $X in 2022 estimated in export price. In general, production recorded a buoyant increase. The pace of growth was the most pronounced in 2015 with an increase of X%. Machine tool for metal production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Republic of Korea

In 2022, exports of machine tools for working metal without removing metal from South Korea fell to X units, shrinking by X% compared with 2021 figures. In general, exports saw a abrupt slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, machine tool for metal exports soared to $X in 2022. Over the period under review, exports saw 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 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X units) was the main destination for machine tool for metal exports from South Korea, with a X% share of total exports. Moreover, machine tool for metal exports to India exceeded the volume sent to the second major destination, Vietnam (X units), twofold. The third position in this ranking was held by the United States (X units), with an X% share.

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

In value terms, the largest markets for machine tool for metal exported from South Korea were India ($X), the United States ($X) and China ($X), together comprising X% of total exports. Switzerland, Vietnam, the Czech Republic, Hungary, Mexico, Turkey, Japan and Thailand lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Hungary, with a CAGR of X%, recorded 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

The average machine tool for metal export price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the export price saw a resilient expansion. The growth pace was the most rapid in 2016 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

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 Switzerland ($X per unit), while the average price for exports to Vietnam ($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 Hungary (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Republic of Korea

After two years of growth, purchases abroad of machine tools for working metal without removing metal decreased by X% to X units in 2022. In general, imports, however, enjoyed a moderate increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X units, and then reduced sharply in the following year.

In value terms, machine tool for metal imports contracted markedly to $X in 2022. Overall, imports saw a deep reduction. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then shrank markedly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of machine tool for metal to South Korea, with a X% share of total imports. Moreover, machine tool for metal imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), sevenfold. The third position in this ranking was held by Japan (X units), with an 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: Taiwan (Chinese) (X% per year) and Japan (X% per year).

In value terms, the largest machine tool for metal suppliers to South Korea were China ($X), Taiwan (Chinese) ($X) and Germany ($X), together accounting for X% of total imports. Japan and Italy lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Italy, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average machine tool for metal import price stood at $X per unit in 2022, falling by X% against the previous year. In general, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 an increase of X%. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :