Republic of Korea: Accordion Market 2024

Accordion Market Size in Republic of Korea

The South Korean accordion market expanded remarkably to $X in 2021, picking up by 10% 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). In general, consumption continues to indicate a noticeable reduction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Accordion Exports

Exports from Republic of Korea

In 2021, the amount of accordions and mouth organs exported from South Korea reduced rapidly to X units, which is down by -52% on the previous year. Overall, exports recorded a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 37% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, accordion exports declined markedly to $X in 2021. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2016 with an increase of 37%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for accordion exports from South Korea, accounting for a 60% share of total exports. Moreover, accordion exports to the United States exceeded the volume sent to the second major destination, France (X units), fourfold. Taiwan (Chinese) (X units) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled -11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+7.6% per year) and Taiwan (Chinese) (-9.3% per year).

In value terms, the United States ($X) remains the key foreign market for accordions and mouth organs exports from South Korea, comprising 60% of total exports. The second position in the ranking was held by Japan ($X), with an 11% share of total exports. It was followed by France, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-4.4% per year) and France (+2.5% per year).

Export Prices by Country

In 2021, the average accordion export price amounted to $X per unit, surging by 38% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to France ($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 States (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Republic of Korea

In 2021, purchases abroad of accordions and mouth organs decreased by -21% to X units, falling for the second consecutive year after two years of growth. Overall, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 when imports increased by 16% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, accordion imports declined to $X in 2021. Over the period under review, imports recorded a pronounced reduction. The pace of growth was the most pronounced in 2014 when imports increased by 7.6%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of accordion to South Korea, with a 46% share of total imports. Moreover, accordion imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by Indonesia (X units), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.4% per year) and Indonesia (-0.5% per year).

In value terms, Japan ($X), France ($X) and China ($X) appeared to be the largest accordion suppliers to South Korea, with a combined 60% share of total imports. Indonesia, Germany, Italy and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 30%.

Italy, with a CAGR of +7.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, surging by 20% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion import price increased by +37.4% against 2018 indices. As a result, import price reached 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 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 China (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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