Republic of Korea: Lock And Key Market 2024

Lock And Key Market Size in Republic of Korea

The South Korean lock and key market expanded to $X in 2023, surging by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Lock And Key Production in Republic of Korea

In value terms, lock and key production amounted to $X in 2023 estimated in export price. Overall, production, however, recorded a mild setback. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Lock And Key Exports

Exports from Republic of Korea

In 2023, lock and key exports from South Korea totaled X tons, increasing by X% on 2022 figures. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. The exports peaked at X tons in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

In value terms, lock and key exports dropped to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for lock and key exports from South Korea, accounting for a X% share of total exports. Moreover, lock and key exports to the United States exceeded the volume sent to the second major destination, Mexico (X tons), eightfold. The third position in this ranking was taken by the Czech Republic (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and the Czech Republic (X% per year).

In value terms, the United States ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with an X% share of total exports. It was followed by the Czech Republic, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and the Czech Republic (X% per year).

Export Prices by Country

In 2023, the average lock and key export price amounted to $X per ton, which is down by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Republic of Korea

In 2023, the amount of padlocks, locks and keys of base metal imported into South Korea stood at X tons, increasing by X% compared with the previous year. Over the period under review, imports continue to indicate a prominent expansion. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, lock and key imports stood at $X in 2023. Overall, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X tons) constituted the largest lock and key supplier to South Korea, accounting for a X% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), tenfold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Germany (X% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Germany (X% per year).

Import Prices by Country

In 2023, the average lock and key import price amounted to $X per ton, almost unchanged from the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2022, and then reduced modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform