Republic of Korea: Electric Rotary Converter Market 2024

Electric Rotary Converter Market Size in Republic of Korea

The South Korean electric rotary converter market surged to $X in 2021, increasing by 20% 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). Over the period under review, consumption, however, recorded a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Electric Rotary Converter Exports

Exports from Republic of Korea

In 2021, approx. X units of electric rotary converters were exported from South Korea; declining by -75% against the previous year. In general, exports faced a dramatic contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 1,009% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, electric rotary converter exports shrank notably to $X in 2021. Over the period under review, exports showed a precipitous contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 1,111% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X units) was the main destination for electric rotary converter exports from South Korea, accounting for a 44% share of total exports. Moreover, electric rotary converter exports to Pakistan exceeded the volume sent to the second major destination, Japan (X units), threefold. China (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.9% per year) and China (-3.5% per year).

In value terms, China ($X) emerged as the key foreign market for electric rotary converters exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.8% per year) and Vietnam (+24.6% per year).

Export Prices by Country

The average electric rotary converter export price stood at $X per unit in 2021, with a decrease of -32.7% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 470%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Pakistan ($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 the United Arab Emirates (+33.0%), while the prices for the other major destinations experienced more modest paces of growth.

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Electric Rotary Converter Imports

Imports into Republic of Korea

In 2021, the amount of electric rotary converters imported into South Korea surged to X units, growing by 16% against 2020 figures. Over the period under review, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,900% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, electric rotary converter imports fell significantly to $X in 2021. In general, imports showed a resilient increase. The growth pace was the most rapid in 2013 with an increase of 2,406%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X units), China (X units) and Estonia (X units) were the main suppliers of electric rotary converter imports to South Korea, together accounting for 90% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +52.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electric rotary converter suppliers to South Korea were Estonia ($X), the Netherlands ($X) and China ($X), with a combined 58% share of total imports.

In terms of the main suppliers, China, with a CAGR of +42.8%, 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

In 2021, the average electric rotary converter import price amounted to $X per unit, falling by -53.2% against the previous year. Overall, the import price saw a noticeable setback. The pace of growth was the most pronounced in 2019 when the average import price increased by 387%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+11.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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