Republic of Korea: Market for Parts Of Apparatus Of Hs 2024

Market Size for Parts Of Apparatus Of Hs in Republic of Korea

In 2021, the South Korean market for parts of apparatus of hs increased by 8.4% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Production of Parts Of Apparatus Of Hs in Republic of Korea

In value terms, parts of apparatus of hs production declined rapidly to $X in 2021 estimated in export price. In general, production continues to indicate a slight curtailment. The growth pace was the most rapid in 2020 when the production volume increased by 461%. As a result, production attained the peak level of $X, and then fell notably in the following year.

Exports of Parts Of Apparatus Of Hs

Exports from Republic of Korea

In 2021, the amount of parts of apparatus of hs exported from South Korea reduced remarkably to X units, which is down by -36.8% against the previous year. In general, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 36% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, parts of apparatus of hs exports declined notably to $X in 2021. Overall, exports recorded a deep contraction. The growth pace was the most rapid in 2013 with an increase of 15%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X units), Brazil (X units) and the United States (X units) were the main destinations of parts of apparatus of hs exports from South Korea, together accounting for 71% of total exports. China, Russia, the Czech Republic, Mexico, Hong Kong SAR, India, Turkey, Japan, Indonesia and Slovenia lagged somewhat behind, together comprising a further 75%.

From 2012 to 2021, the biggest increases were recorded for Slovenia (with a CAGR of +66.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), China ($X) and the United States ($X) appeared to be the largest markets for parts of apparatus of hs exported from South Korea worldwide.

In terms of the main countries of destination, Slovenia, with a CAGR of +63.6%, saw 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

In 2021, the average export price for parts of apparatus of hs amounted to $X per unit, flattening at the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was China ($X per unit), while the average price for exports to Brazil ($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 Japan (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Parts Of Apparatus Of Hs

Imports into Republic of Korea

In 2021, overseas purchases of parts of apparatus of hs were finally on the rise to reach X units after three years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 8.2% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, parts of apparatus of hs imports rose notably to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 17%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of parts of apparatus of hs to South Korea, accounting for a 96% share of total imports. Moreover, parts of apparatus of hs imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), ninefold. The third position in this ranking was held by Indonesia (X units), with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+8.1% per year) and Indonesia (-1.2% per year).

In value terms, China ($X) constituted the largest supplier of parts of apparatus of hs to South Korea, comprising 57% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total imports. It was followed by Mexico, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+12.7% per year) and Mexico (+1.3% per year).

Import Prices by Country

The average import price for parts of apparatus of hs stood at $X per unit in 2021, picking up by 12% against the previous year. In general, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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