Republic of Korea: Base Metal Keys Market 2024

Base Metal Keys Market Size in Republic of Korea

The South Korean base metal keys market shrank to $X in 2022, reducing by -8.4% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Base Metal Keys Production in Republic of Korea

In value terms, base metal keys production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% 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 2013 when the production volume increased by 31%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Base Metal Keys Exports

Exports from Republic of Korea

In 2022, the amount of base metal keys exported from South Korea surged to X tons, with an increase of 55% against 2021. Over the period under review, exports recorded tangible growth. The pace of growth was the most pronounced in 2016 with an increase of 165% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, base metal keys exports skyrocketed to $X in 2022. In general, exports saw a perceptible increase. The pace of growth was the most pronounced in 2016 when exports increased by 345% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X tons), India (X tons) and Poland (X tons) were the main destinations of base metal keys exports from South Korea, with a combined 74% share of total exports. Indonesia, the Czech Republic, China, the United Arab Emirates and Turkey lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +95.1%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the key foreign market for base metal keys exports from South Korea, comprising 49% of total exports. The second position in the ranking was held by Mexico ($X), with a 19% share of total exports. It was followed by Poland, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India amounted to +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+14.6% per year) and Poland (-15.1% per year).

Export Prices by Country

In 2022, the average base metal keys export price amounted to $X per ton, growing by 4.5% against the previous year. In general, the export price, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 68%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to China ($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 the United Arab Emirates (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Keys Imports

Imports into Republic of Korea

After four years of decline, supplies from abroad of base metal keys increased by 17% to X tons in 2022. In general, imports, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2016 when imports increased by 21% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, base metal keys imports soared to $X in 2022. Over the period under review, imports, however, recorded a noticeable curtailment. The pace of growth was the most pronounced in 2018 with an increase of 19%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main base metal keys supplier to South Korea, accounting for a 91% share of total imports. It was followed by Japan (X tons), with a 2.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.0% per year) and Mexico (+18.7% per year).

In value terms, China ($X) constituted the largest supplier of base metal keys to South Korea, comprising 51% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and Mexico (+21.7% per year).

Import Prices by Country

In 2022, the average base metal keys import price amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2018 an increase of 26% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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