Republic of Korea: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Republic of Korea

The South Korean sewing machine needle market contracted notably to $X in 2022, declining by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Sewing machine needle consumption peaked at $X in 2021, and then shrank markedly in the following year.

Sewing Machine Needle Production in Republic of Korea

In value terms, sewing machine needle production contracted to $X in 2022 estimated in export price. Overall, production, however, recorded a slight slump. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

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Sewing Machine Needle Exports

Exports from Republic of Korea

In 2022, overseas shipments of sewing machine needles increased by X% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, sewing machine needle exports reduced to $X in 2022. Over the period under review, exports, however, saw a mild setback. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for sewing machine needle exports from South Korea, with a X% share of total exports. Moreover, sewing machine needle exports to the United Arab Emirates exceeded the volume sent to the second major destination, Turkey (X units), fourfold. Vietnam (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (X% per year) and Vietnam (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for sewing machine needles exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with a X% share of total exports. It was followed by Turkey, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2022, the average sewing machine needle export price amounted to $X per unit, which is down by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit, and then declined markedly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Bangladesh ($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 Pakistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports into Republic of Korea

Sewing machine needle imports into South Korea totaled X units in 2022, rising by X% compared with the previous year's figure. In general, imports, however, continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2019 when imports increased by X%. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sewing machine needle imports shrank slightly to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of sewing machine needle to South Korea, accounting for a X% share of total imports. Moreover, sewing machine needle imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms 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 the Czech Republic (X% per year).

In value terms, China ($X) constituted the largest supplier of sewing machine needles to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and the Czech Republic (X% per year).

Import Prices by Country

The average sewing machine needle import price stood at $X per thousand units in 2022, declining by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per thousand units in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Czech Republic ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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