Republic of Korea: Market for Machine Tools For Working Metal Without Removing Metal 2023

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

The South Korean machine tool for metal market expanded slightly to $X in 2021, with an increase of 4.4% against the previous year. In general, consumption showed a prominent expansion. Machine tool for metal consumption peaked in 2021 and is expected to retain growth in the immediate term.

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

In value terms, machine tool for metal production shrank rapidly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate buoyant growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 73%. As a result, production attained the peak level of $X, and then contracted sharply in the following year.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Republic of Korea

Machine tool for metal exports from South Korea fell dramatically to X units in 2021, shrinking by -22.2% compared with 2020 figures. Overall, exports showed a noticeable downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 73%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, machine tool for metal exports dropped rapidly to $X in 2021. Over the period under review, exports continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 56%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X units), China (X units) and Vietnam (X units) were the main destinations of machine tool for metal exports from South Korea, together comprising 73% of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +40.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Thailand ($X) constituted the largest markets for machine tool for metal exported from South Korea worldwide, with a combined 52% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +28.3%, recorded the highest rates of growth with regard to 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 2021, the average machine tool for metal export price amounted to $X per unit, rising by 7.9% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 70% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+67.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Republic of Korea

In 2021, purchases abroad of machine tools for working metal without removing metal was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a drastic downturn. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, machine tool for metal imports soared to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and Hong Kong SAR (X units) were the main suppliers of machine tool for metal imports to South Korea, with a combined 66% share of total imports. Italy, Belgium, Vietnam, Germany and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +96.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest machine tool for metal suppliers to South Korea were Germany ($X), Japan ($X) and Belgium ($X), together comprising 75% of total imports.

In terms of the main suppliers, Belgium, with a CAGR of +129.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average machine tool for metal import price stood at $X per unit in 2021, which is down by -9.6% against the previous year. Over the period under review, the import price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 46% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+24.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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