Republic of Korea: Spades And Shovels Market 2024

Spades And Shovels Market Size in Republic of Korea

The South Korean spades and shovels market dropped to $X in 2022, with a decrease of 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. Spades and shovels consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Spades And Shovels Production in Republic of Korea

In value terms, spades and shovels production fell rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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Spades And Shovels Exports

Exports from Republic of Korea

In 2022, overseas shipments of spades and shovels decreased by X% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports faced a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, spades and shovels exports reduced notably to $X in 2022. In general, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2018 when exports increased by X%. The exports peaked at $X in 2021, and then reduced markedly in the following year.

Exports by Country

Guinea (X tons) was the main destination for spades and shovels exports from South Korea, with a X% share of total exports. Moreover, spades and shovels exports to Guinea exceeded the volume sent to the second major destination, Mongolia (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a X% share.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guinea (X% per year) and Mongolia (X% per year).

Export Prices by Country

In 2022, the average spades and shovels export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price posted a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mongolia ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spades And Shovels Imports

Imports into Republic of Korea

In 2022, purchases abroad of spades and shovels decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, spades and shovels imports reduced to $X in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of spades and shovels to South Korea, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of spades and shovels to South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%.

Import Prices by Country

The average spades and shovels import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to X% per year.

Source: IndexBox Platform

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