Republic of Korea: Blood-Grouping Reagents Market 2024

Blood-Grouping Reagents Market Size in Republic of Korea

In 2022, the South Korean blood-grouping reagents market decreased by -0.3% to $X, falling for the third consecutive year after three years of growth. Overall, consumption saw a modest expansion. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Blood-Grouping Reagents Production in Republic of Korea

In value terms, blood-grouping reagents production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 24%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Blood-Grouping Reagents Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of blood-grouping reagents decreased by -10.5% to X tons in 2022. Overall, exports, however, showed resilient growth. The growth pace was the most rapid in 2013 when exports increased by 241%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, blood-grouping reagents exports fell significantly to $X in 2022. Over the period under review, exports, however, showed significant growth. The growth pace was the most rapid in 2014 when exports increased by 240%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank sharply in the following year.

Exports by Country

Angola (X tons) was the main destination for blood-grouping reagents exports from South Korea, accounting for a 51% share of total exports. Moreover, blood-grouping reagents exports to Angola exceeded the volume sent to the second major destination, the Czech Republic (X tons), threefold. The third position in this ranking was held by Switzerland (X tons), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Angola amounted to +52.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+23.6% per year) and Switzerland (+152.9% per year).

In value terms, Angola ($X) remains the key foreign market for blood-grouping reagents exports from South Korea, comprising 45% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 13% share of total exports. It was followed by Switzerland, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Angola totaled +50.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+31.0% per year) and Switzerland (+154.7% per year).

Export Prices by Country

The average blood-grouping reagents export price stood at $X per ton in 2022, which is down by -8.9% against the previous year. Over the period under review, the export price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2014 an increase of 117%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Niger ($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 Burundi (+73.0%), while the prices for the other major destinations experienced more modest paces of growth.

Blood-Grouping Reagents Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in purchases abroad of blood-grouping reagents, when their volume decreased by -8.4% to X tons. Over the period under review, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 101% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, blood-grouping reagents imports declined to $X in 2022. In general, imports, however, enjoyed notable growth. The pace of growth appeared the most rapid in 2017 with an increase of 88%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the UK (X tons) constituted the largest blood-grouping reagents supplier to South Korea, with a 75% share of total imports. Moreover, blood-grouping reagents imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.2% per year) and Canada (-5.9% per year).

In value terms, the UK ($X) constituted the largest supplier of blood-grouping reagents to South Korea, comprising 64% of total imports. The second position in the ranking was taken by the United States ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.0% per year) and Canada (-5.3% per year).

Import Prices by Country

In 2022, the average blood-grouping reagents import price amounted to $X per ton, which is down by -3.3% against the previous year. Over the period under review, the import price saw a noticeable decrease. The most prominent rate of growth was recorded in 2016 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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