Republic of Korea: Tools For Bearing Market 2024

Tools For Bearing Market Size in Republic of Korea

The South Korean tools for bearing market declined to $X in 2022, reducing by -9.2% against the previous year. Overall, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.3% against 2020 indices. Tools for bearing consumption peaked at $X in 2021, and then shrank in the following year.

Tools For Bearing Production in Republic of Korea

In value terms, tools for bearing production totaled $X in 2022 estimated in export price. Over the period under review, production saw a noticeable shrinkage. The pace of growth was the most pronounced in 2018 when the production volume increased by 124%. Tools for bearing production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Tools For Bearing Exports

Exports from Republic of Korea

In 2022, tools for bearing exports from South Korea contracted slightly to X tons, declining by -4.3% compared with the previous year. Over the period under review, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 153%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, tools for bearing exports shrank to $X in 2022. Overall, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 97% against the previous year. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Mexico (X tons), France (X tons) and China (X tons) were the main destinations of tools for bearing exports from South Korea, together comprising 56% of total exports. India, Malaysia, the United States, Vietnam and Japan lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +55.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), France ($X) and Vietnam ($X) constituted the largest markets for tools for bearing exported from South Korea worldwide, together comprising 54% of total exports.

Vietnam, with a CAGR of +81.4%, 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

The average tools for bearing export price stood at $X per ton in 2022, with a decrease of -2.7% against the previous year. In general, the export price recorded a mild reduction. The pace of growth appeared the most rapid in 2020 when the average export price increased by 64%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Vietnam (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tools For Bearing Imports

Imports into Republic of Korea

In 2022, the amount of balls, needles and rollers for ball or roller bearings imported into South Korea contracted to X tons, which is down by -9.8% compared with 2021. The total import volume increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 23% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, tools for bearing imports fell to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +12.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest tools for bearing supplier to South Korea, accounting for a 84% share of total imports. Moreover, tools for bearing imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+16.2% per year) and Japan (-3.2% per year).

In value terms, China ($X) constituted the largest supplier of balls, needles and rollers for ball or roller bearings to South Korea, comprising 67% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports. It was followed by Indonesia, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.8% per year) and Indonesia (+20.2% per year).

Import Prices by Country

In 2022, the average tools for bearing import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 16% against the previous year. The import price peaked at $X per ton in 2021, and then declined modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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