Republic of Korea: Data Storage Device Market 2024

Data Storage Device Market Size in Republic of Korea

In 2022, the South Korean data storage device market increased by 508% to $X, rising for the second consecutive year after three years of decline. Overall, consumption showed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Data Storage Device Production in Republic of Korea

In value terms, data storage device production dropped sharply to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a sharp downturn. The most prominent rate of growth was recorded in 2021 with an increase of 73%. Data storage device production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Data Storage Device Exports

Exports from Republic of Korea

In 2022, shipments abroad of data storage devices increased by 82% to X units, rising for the second consecutive year after three years of decline. In general, exports, however, saw a deep downturn. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, data storage device exports expanded rapidly to $X in 2022. Over the period under review, exports, however, showed a precipitous contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 43% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for data storage device exports from South Korea, with a 57% share of total exports. Moreover, data storage device exports to China exceeded the volume sent to the second major destination, India (X units), fourfold. The third position in this ranking was taken by Vietnam (X units), with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-1.9% per year) and Vietnam (+19.8% per year).

In value terms, China ($X) remains the key foreign market for data storage devices exports from South Korea, comprising 48% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled -26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-23.9% per year) and Vietnam (+31.0% per year).

Export Prices by Country

In 2022, the average data storage device export price amounted to $X per unit, waning by -40.6% against the previous year. Over the period under review, the export price saw a abrupt decrease. The pace of growth appeared the most rapid in 2015 when the average export price increased by 37%. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to India ($X per unit) 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 States (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Data Storage Device Imports

Imports into Republic of Korea

In 2022, imports of data storage devices into South Korea dropped to X units, falling by -9.1% against the year before. Over the period under review, imports showed a perceptible decline. The pace of growth appeared the most rapid in 2017 with an increase of 47%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, data storage device imports declined to $X in 2022. Overall, imports showed a pronounced shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 48% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of data storage device to South Korea, with a 73% share of total imports. Moreover, data storage device imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), eightfold. The third position in this ranking was held by the Philippines (X units), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-4.6% per year) and the Philippines (-4.3% per year).

In value terms, the largest data storage device suppliers to South Korea were China ($X), Thailand ($X) and Singapore ($X), together comprising 73% of total imports.

Singapore, with a CAGR of +10.2%, saw 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 mixed trend patterns.

Import Prices by Country

The average data storage device import price stood at $X per unit in 2022, leveling off at the previous year. Overall, the import price saw a mild curtailment. The pace of growth was the most pronounced in 2019 an increase of 32%. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

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 Singapore ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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