Republic of Korea: Refrigerator And Freezer Market 2023

Refrigerator And Freezer Market Size in Republic of Korea

The South Korean refrigerator and freezer market amounted to $X in 2022, picking up by X% against the previous year. 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 attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Refrigerator And Freezer Production in Republic of Korea

In value terms, refrigerator and freezer production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Refrigerator And Freezer Exports

Exports from Republic of Korea

After three years of growth, shipments abroad of refrigerators and freezers decreased by X% to X units in 2022. In general, total exports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X units, and then contracted significantly in the following year.

In value terms, refrigerator and freezer exports contracted rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

The United States (X units) was the main destination for refrigerator and freezer exports from South Korea, with a X% share of total exports. Moreover, refrigerator and freezer exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.

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

In value terms, the United States ($X) remains the key foreign market for refrigerators and freezers exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports.

From 2012 to 2022, 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: Canada (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average refrigerator and freezer export price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the export price, however, recorded a mild decline. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Australia ($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 Australia (X%), while the prices for the other major destinations experienced a decline.

Refrigerator And Freezer Imports

Imports into Republic of Korea

In 2022, overseas purchases of refrigerators and freezers decreased by X% to X units for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Imports peaked at X units in 2021, and then reduced in the following year.

In value terms, refrigerator and freezer imports dropped to $X in 2022. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator and freezer to South Korea, accounting for a X% share of total imports. Moreover, refrigerator and freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Vietnam (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Vietnam (X% per year).

In value terms, China ($X) constituted the largest supplier of refrigerators and freezers to South Korea, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average refrigerator and freezer import price stood at $X per unit in 2022, growing by X% against the previous year. Overall, the import price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and Indonesia ($X per unit), while the price for Vietnam ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, 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

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