Republic of Korea: Household Sewing Machine Market 2024

Household Sewing Machine Market Size in Republic of Korea

In 2021, the South Korean household sewing machine market increased by 7.6% to $X, rising for the second consecutive year after three years of decline. Overall, consumption enjoyed a strong increase. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in years to come.

Household Sewing Machine Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of household sewing machines decreased by -44.3% to X units in 2021. Over the period under review, exports recorded a precipitous setback. The growth pace was the most rapid in 2017 when exports increased by 325% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, household sewing machine exports declined notably to $X in 2021. In general, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 219% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria (X units) was the main destination for household sewing machine exports from South Korea, accounting for a 59% share of total exports. Moreover, household sewing machine exports to Nigeria exceeded the volume sent to the second major destination, India (X units), twofold. Haiti (X units) ranked third in terms of total exports with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria stood at +16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Haiti (0.0% per year).

In value terms, the largest markets for household sewing machine exported from South Korea were Nigeria ($X), Haiti ($X) and India ($X), together comprising 89% of total exports. These countries were followed by the Philippines, Cote d'Ivoire, Vietnam, Iraq and Myanmar, which together accounted for a further 8.5%.

In terms of the main countries of destination, the Philippines, with a CAGR of +43.0%, 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 household sewing machine export price amounted to $X per unit, surging by 18% against the previous year. Overall, the export price, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2019 an increase of 157%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Haiti ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+4.2%), while the prices for the other major destinations experienced a decline.

Household Sewing Machine Imports

Imports into Republic of Korea

In 2021, overseas purchases of household sewing machines increased by 11% to X units, rising for the second consecutive year after three years of decline. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 166% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, household sewing machine imports rose slightly to $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.4% 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 +68.4% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 64% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Vietnam (X units) constituted the largest household sewing machine supplier to South Korea, accounting for a 57% share of total imports. Moreover, household sewing machine imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam stood at +39.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.4% per year) and Taiwan (Chinese) (+5.4% per year).

In value terms, Vietnam ($X) constituted the largest supplier of household sewing machines to South Korea, comprising 53% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 26% share of total imports. It was followed by China, with a 17% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam totaled +31.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.6% per year) and China (-9.5% per year).

Import Prices by Country

In 2021, the average household sewing machine import price amounted to $X per unit, with a decrease of -7.5% against the previous year. Over the period under review, the import price recorded a noticeable decline. The growth pace was the most rapid in 2018 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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