Republic of Korea: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in Republic of Korea

After three years of decline, the South Korean combined refrigerator-freezer market increased by 23% to $X in 2022. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -21.0% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Combined Refrigerator-Freezer Production in Republic of Korea

In value terms, combined refrigerator-freezer production amounted to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 9% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Combined Refrigerator-Freezer Exports

Exports from Republic of Korea

In 2022, after three years of growth, there was significant decline in overseas shipments of combined refrigerators-freezers, when their volume decreased by -39.2% to X units. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 59% against the previous year. As a result, the exports reached the peak of X units, and then reduced notably in the following year.

In value terms, combined refrigerator-freezer exports shrank sharply to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 47% against the previous year. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

The United States (X units) was the main destination for combined refrigerator-freezer exports from South Korea, accounting for a 83% share of total exports. Moreover, combined refrigerator-freezer exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+7.0% per year) and Australia (-2.9% per year).

In value terms, the United States ($X) remains the key foreign market for combined refrigerators-freezers exports from South Korea, comprising 83% of total exports. The second position in the ranking was taken by Canada ($X), with a 5.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+8.3% per year) and Australia (-1.7% per year).

Export Prices by Country

The average combined refrigerator-freezer export price stood at $X per unit in 2022, increasing by 31% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2018 an increase of 36%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Canada ($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 (+1.2%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into Republic of Korea

In 2022, overseas purchases of combined refrigerators-freezers decreased by -13.9% to X units, falling for the second year in a row after seven years of growth. In general, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2019 when imports increased by 63% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, combined refrigerator-freezer imports shrank slightly to $X in 2022. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 49%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest combined refrigerator-freezer supplier to South Korea, with a 74% share of total imports. Moreover, combined refrigerator-freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), sevenfold. Indonesia (X units) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-1.4% per year) and Indonesia (+0.0% per year).

In value terms, China ($X) constituted the largest supplier of combined refrigerators-freezers to South Korea, comprising 74% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.9% share of total imports. It was followed by Indonesia, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +33.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.4% per year) and Indonesia (+1.8% per year).

Import Prices by Country

In 2022, the average combined refrigerator-freezer import price amounted to $X per unit, picking up by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and China ($X per unit), while the price for Vietnam ($X per unit) and Indonesia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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