Eastern Asia: Boring Machinery Market 2024

Boring Machinery Market Size in Eastern Asia

The East Asian boring machinery market reduced to $X in 2022, waning by -5.3% against the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Boring Machinery Production in Eastern Asia

In value terms, boring machinery production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a mild descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 30% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Boring Machinery Exports

Exports in Eastern Asia

In 2022, after three years of decline, there was significant growth in shipments abroad of boring or sinking machinery, when their volume increased by 21% to X units. Over the period under review, exports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2018 when exports increased by 141%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, boring machinery exports surged to $X in 2022. In general, exports, however, faced a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 106% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China prevails in exports structure, resulting at X units, which was approx. 88% of total exports in 2022. It was distantly followed by Japan (X units), mixing up a 6.7% share of total exports. South Korea (X units) took a relatively small share of total exports.

China was also the fastest-growing in terms of the boring or sinking machinery exports, with a CAGR of -3.2% from 2012 to 2022. South Korea (-5.0%) and Japan (-7.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +3.3 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest boring machinery supplier in Eastern Asia, comprising 89% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at -12.4%. In the other countries, the average annual rates were as follows: Japan (-8.2% per year) and South Korea (-6.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, surging by 42% against the previous year. Overall, the export price, however, recorded a abrupt decline. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-0.3%), while the other leaders experienced a decline in the export price figures.

Boring Machinery Imports

Imports in Eastern Asia

In 2022, after two years of decline, there was significant growth in purchases abroad of boring or sinking machinery, when their volume increased by 78% to X units. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 87%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, boring machinery imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 60%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) and South Korea (X units) were the major importers of boring or sinking machinery in Eastern Asia, together reaching near 61% of total imports. Hong Kong SAR (X units) took the next position in the ranking, followed by Macao SAR (X units) and Taiwan (Chinese) (X units). All these countries together took approx. 36% share of total imports. China (X units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +19.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2022, with a combined 84% share of total imports.

In terms of the main importing countries, Japan, with a CAGR of +9.7%, saw the highest growth rate of 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 2022, the import price in Eastern Asia amounted to $X per unit, shrinking by -13.6% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 39%. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while Macao SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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