Republic of Korea: Way-Type Unit Head Market 2024

Way-Type Unit Head Market Size in Republic of Korea

After four years of growth, the South Korean way-type unit head market decreased by -22.9% to $X in 2021. In general, consumption, however, continues to indicate a significant expansion. As a result, consumption attained the peak level of $X, and then shrank sharply in the following year.

Way-Type Unit Head Production in Republic of Korea

In value terms, way-type unit head production reduced notably to $X in 2021 estimated in export price. In general, production, however, recorded significant growth. The pace of growth was the most pronounced in 2020 with an increase of 91%. As a result, production reached the peak level of $X, and then contracted significantly in the following year.

Way-Type Unit Head Exports

Exports from Republic of Korea

In 2021, way-type unit head exports from South Korea reduced notably to X tons, waning by -77.8% against the previous year's figure. Overall, exports faced a deep downturn. The pace of growth appeared the most rapid in 2018 with an increase of 383% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, way-type unit head exports shrank markedly to $X in 2021. Over the period under review, exports saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 with an increase of 356% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for way-type unit head exports from South Korea, with a 60% share of total exports. Moreover, way-type unit head exports to France exceeded the volume sent to the second major destination, Thailand (X tons), fourfold. The third position in this ranking was taken by the Czech Republic (X tons), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume to France was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+22.8% per year) and the Czech Republic (+57.5% per year).

In value terms, the largest markets for way-type unit head exported from South Korea were France ($X), the Czech Republic ($X) and Thailand ($X), together comprising 37% of total exports.

The Czech Republic, with a CAGR of +38.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average way-type unit head export price amounted to $X per ton, increasing by 69% against the previous year. Overall, the export price continues to indicate a strong expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+39.2%), while the prices for the other major destinations experienced more modest paces of growth.

Way-Type Unit Head Imports

Imports into Republic of Korea

Way-type unit head imports into South Korea skyrocketed to X tons in 2021, picking up by 76% on the year before. Overall, imports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 when imports increased by 275%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, way-type unit head imports surged to $X in 2021. In general, imports, however, continue to indicate a deep setback. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of way-type unit head to South Korea, with a 61% share of total imports. Moreover, way-type unit head imports from Japan exceeded the figures recorded by the second-largest supplier, China (X kg), fivefold. The third position in this ranking was taken by the UK (X kg), with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.5% per year) and the UK (-24.1% per year).

In value terms, Japan ($X) constituted the largest supplier of way-type unit heads for working metal to South Korea, comprising 64% of total imports. The second position in the ranking was taken by the UK ($X), with a 29% share of total imports. It was followed by China, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-17.4% per year) and China (-7.0% per year).

Import Prices by Country

The average way-type unit head import price stood at $X per ton in 2021, with an increase of 227% against the previous year. Over the period under review, the import price recorded a mild expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+1,169.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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