Republic of Korea: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Republic of Korea

In 2022, the South Korean cranks and crankshafts market increased by 3.2% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Cranks And Crankshafts Production in Republic of Korea

In value terms, cranks and crankshafts production fell modestly to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 18% against the previous year. Cranks and crankshafts production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Republic of Korea

In 2022, after four years of growth, there was decline in shipments abroad of cranks and crankshafts, when their volume decreased by -4.8% to X tons. The total export volume increased at an average annual rate of +3.2% 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 2014 with an increase of 26% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined modestly in the following year.

In value terms, cranks and crankshafts exports stood at $X in 2022. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 33% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cranks and crankshafts exports from South Korea, accounting for a 58% share of total exports. Moreover, cranks and crankshafts exports to the United States exceeded the volume sent to the second major destination, China (X tons), fourfold. The third position in this ranking was taken by Mexico (X tons), with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2.0% per year) and Mexico (+17.7% per year).

In value terms, the United States ($X), China ($X) and Slovakia ($X) were the largest markets for cranks and crankshafts exported from South Korea worldwide, together comprising 68% of total exports.

Slovakia, with a CAGR of +17.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, growing by 5.1% against the previous year. Over the period under review, the export price, however, recorded a mild curtailment. The pace of growth appeared the most rapid in 2014 an increase of 5.5% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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 Slovakia ($X per ton), while the average price for exports to Uzbekistan ($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 Slovakia (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Republic of Korea

In 2022, purchases abroad of cranks and crankshafts decreased by -0.7% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. As a result, imports reached the peak of X tons, leveling off in the following year.

In value terms, cranks and crankshafts imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 22%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest cranks and crankshafts supplier to South Korea, accounting for a 60% share of total imports. Moreover, cranks and crankshafts imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was taken by India (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.7% per year) and India (+3.0% per year).

In value terms, China ($X) constituted the largest supplier of cranks and crankshafts to South Korea, comprising 38% of total imports. The second position in the ranking was taken by Japan ($X), with a 14% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.8% per year) and the United States (+3.4% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, with an increase of 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2013 when the average import price increased by 14%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood 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 the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+42.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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