Republic of Korea: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in Republic of Korea

The South Korean agricultural appliance market totaled $X in 2021, growing by 3% against the previous year. Over the period under review, consumption showed a remarkable increase. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Agricultural Appliance Production in Republic of Korea

In value terms, agricultural appliance production declined to $X in 2021 estimated in export price. In general, production saw a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 394%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Agricultural Appliance Exports

Exports from Republic of Korea

In 2021, after two years of growth, there was significant decline in overseas shipments of agricultural appliances, when their volume decreased by -70.3% to X units. Overall, exports recorded a deep downturn. The pace of growth was the most pronounced in 2015 with an increase of 76% against the previous year. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, agricultural appliance exports declined markedly to $X in 2021. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 67%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X units), Nigeria (X units) and Egypt (X units) were the main destinations of agricultural appliance exports from South Korea, together accounting for 64% of total exports. Bahrain, Bolivia, Vietnam, Malaysia, Venezuela and China lagged somewhat behind, together comprising a further 9.7%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +61.4%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the key foreign market for agricultural appliances exports from South Korea, comprising 27% of total exports. The second position in the ranking was held by Nigeria ($X), with a 5.6% share of total exports. It was followed by Malaysia, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia totaled +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+55.1% per year) and Malaysia (-9.8% per year).

Export Prices by Country

In 2021, the average agricultural appliance export price amounted to $X per unit, falling by -11.2% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 89% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020, and then shrank in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Venezuela ($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 Egypt (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Agricultural Appliance Imports

Imports into Republic of Korea

In 2021, agricultural appliance imports into South Korea dropped significantly to X units, with a decrease of -22.6% compared with 2020 figures. Over the period under review, imports saw a deep reduction. The pace of growth appeared the most rapid in 2016 when imports increased by 35%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, agricultural appliance imports expanded remarkably to $X in 2021. In general, imports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 42%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest agricultural appliance supplier to South Korea, accounting for a 52% share of total imports. Moreover, agricultural appliance imports from China exceeded the figures recorded by the second-largest supplier, Greece (X units), sixfold. The United States (X units) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+0.6% per year) and the United States (-1.0% per year).

In value terms, Japan ($X), China ($X) and Poland ($X) appeared to be the largest agricultural appliance suppliers to South Korea, together accounting for 65% of total imports. These countries were followed by Taiwan (Chinese), Italy, the United States, Greece and Turkey, which together accounted for a further 10%.

Turkey, with a CAGR of +25.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average agricultural appliance import price amounted to $X per unit, jumping by 40% against the previous year. Overall, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, agricultural appliance import price increased by +20.9% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average import price increased by 47% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Greece ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+24.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform