Republic of Korea: Gouges And Chisels Market 2024

Gouges And Chisels Market Size in Republic of Korea

The South Korean gouges and chisels market was estimated at $X in 2022, picking up by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; afterwards, it flattened through to 2022.

Gouges And Chisels Exports

Exports from Republic of Korea

Gouges and chisels exports from South Korea declined sharply to X kg in 2022, with a decrease of X% against the year before. Over the period under review, exports faced a precipitous descent. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, gouges and chisels exports dropped notably to $X in 2022. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg), Canada (X kg) and Indonesia (X kg) were the main destinations of gouges and chisels exports from South Korea, with a combined X% share of total exports. Singapore, Hong Kong SAR, Uzbekistan and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for planes, chisels and gouges for working wood exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled X.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average gouges and chisels export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price saw significant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X,139 per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X.0%), while the prices for the other major destinations experienced more modest paces of growth.

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Gouges And Chisels Imports

Imports into Republic of Korea

In 2022, gouges and chisels imports into South Korea reduced to X tons, which is down by X% compared with the previous year's figure. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, gouges and chisels imports fell to $X in 2022. The total import 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 most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest gouges and chisels supplier to South Korea, accounting for a X% share of total imports. Moreover, gouges and chisels imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The Czech Republic (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, 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: Japan (X% per year) and the Czech Republic (X% per year).

In value terms, China ($X), Japan ($X) and the Czech Republic ($X) were the largest gouges and chisels suppliers to South Korea, with a combined X% share of total imports.

The Czech Republic, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average gouges and chisels import price amounted to $X per ton, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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