Republic of Korea: Computing Machinery Market 2024

Computing Machinery Market Size in Republic of Korea

In 2021, the South Korean computing machinery market increased by 14% to $X, rising for the fifth year in a row after two years of decline. Overall, consumption enjoyed a significant increase. Computing machinery consumption peaked in 2021 and is expected to retain growth in the near future.

Computing Machinery Exports

Exports from Republic of Korea

In 2021, overseas shipments of computing machinery and parts and accessories thereof increased by 4.9% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 9.3% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, computing machinery exports stood at $X in 2021. In general, total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +26.1% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 43% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for computing machinery exports from South Korea, accounting for a 87% share of total exports. Moreover, computing machinery exports to Mexico exceeded the volume sent to the second major destination, China (X tons), twofold. The United States (X tons) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico amounted to +41.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.3% per year) and the United States (-10.9% per year).

In value terms, the largest markets for computing machinery exported from South Korea were the United States ($X), China ($X) and Mexico ($X), with a combined 77% share of total exports.

Among the main countries of destination, Mexico, with a CAGR of +38.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average computing machinery export price amounted to $X per ton, surging by 8.8% against the previous year. Over the period under review, the export price saw buoyant growth. The pace of growth was the most pronounced in 2017 an increase of 63%. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+21.4%), while the prices for the other major destinations experienced more modest paces of growth.

Computing Machinery Imports

Imports into Republic of Korea

In 2021, supplies from abroad of computing machinery and parts and accessories thereof increased by 3% to X tons, rising for the fifth consecutive year after two years of decline. Overall, imports, however, continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 16% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, computing machinery imports soared to $X in 2021. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.1% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 20%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of computing machinery to South Korea, accounting for a 69% share of total imports. Moreover, computing machinery imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), ninefold. The third position in this ranking was held by Thailand (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+8.1% per year) and Thailand (+9.2% per year).

In value terms, China ($X) constituted the largest supplier of computing machinery and parts and accessories thereof to South Korea, comprising 51% of total imports. The second position in the ranking was held by Vietnam ($X), with a 9.3% share of total imports. It was followed by the United States, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+41.1% per year) and the United States (+3.5% per year).

Import Prices by Country

The average computing machinery import price stood at $X per ton in 2021, growing by 14% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, computing machinery import price increased by +24.0% against 2019 indices. The growth pace was the most rapid in 2016 when the average import price increased by 32%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+30.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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