Republic of Korea: Wood Drilling Machine Market 2024

Wood Drilling Machine Market Size in Republic of Korea

The South Korean wood drilling machine market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption, however, recorded a buoyant expansion. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Wood Drilling Machine Production in Republic of Korea

In value terms, wood drilling machine production surged to $X in 2021 estimated in export price. Over the period under review, production enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 196% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Wood Drilling Machine Exports

Exports from Republic of Korea

In 2021, the amount of drilling or morticing machines exported from South Korea fell dramatically to X units, shrinking by -37.5% compared with the previous year's figure. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 135%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, wood drilling machine exports dropped sharply to $X in 2021. In general, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 225%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Lao People's Democratic Republic (X units), Malaysia (X units) and Taiwan (Chinese) (X units) were the main destinations of wood drilling machine exports from South Korea, with a combined 81% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +78.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wood drilling machine exported from South Korea were Malaysia ($X), Taiwan (Chinese) ($X) and Lao People's Democratic Republic ($X), together accounting for 48% of total exports.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +97.8%, recorded the highest growth rate of 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

The average wood drilling machine export price stood at $X per unit in 2021, waning by -18.7% against the previous year. In general, the export price saw a perceptible contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by 155%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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 China ($X per unit), while the average price for exports to the Czech Republic ($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 Taiwan (Chinese) (+28.6%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Drilling Machine Imports

Imports into Republic of Korea

In 2021, approx. X units of drilling or morticing machines were imported into South Korea; waning by -74.8% compared with the year before. In general, imports faced a deep reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 269%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, wood drilling machine imports dropped dramatically to $X in 2021. Over the period under review, imports showed a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 76%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X units), China (X units) and Malaysia (X units) were the main suppliers of wood drilling machine imports to South Korea, together accounting for 88% of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +60.9%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of drilling or morticing machines to South Korea, comprising 21% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.3% share of total imports. It was followed by Japan, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-14.8% per year) and Japan (-32.6% per year).

Import Prices by Country

In 2021, the average wood drilling machine import price amounted to $X per unit, picking up by 185% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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