Republic of Korea: Market for Hand-Operated Drilling, Threading or Tapping Tools 2024

Market Size for Hand-Operated Drilling, Threading or Tapping Tools in Republic of Korea

The South Korean market for hand-operated drilling, threading or tapping tools declined to $X in 2022, reducing by -6.6% against the previous year. Overall, consumption, however, recorded a notable expansion. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Hand-Operated Drilling, Threading or Tapping Tools in Republic of Korea

In value terms, production of hand-operated drilling, threading or tapping tools dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed prominent growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 49%. Over the period under review, production of hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Hand-Operated Drilling, Threading or Tapping Tools

Exports from Republic of Korea

In 2022, the amount of hand-operated drilling, threading or tapping tools exported from South Korea surged to X tons, picking up by 16% against the year before. In general, exports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2014 when exports increased by 64% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of hand-operated drilling, threading or tapping tools rose markedly to $X in 2022. Overall, exports recorded a tangible increase. The most prominent rate of growth was recorded in 2014 when exports increased by 93%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

The Philippines (X tons), Turkey (X tons) and the United States (X tons) were the main destinations of exports of hand-operated drilling, threading or tapping tools from South Korea, together accounting for 65% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +64.8%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the United States ($X) and the Philippines ($X) were the largest markets for hand-operated drilling, threading or tapping tool exported from South Korea worldwide, together comprising 68% of total exports. China, Turkey, Spain, India, Indonesia, Taiwan (Chinese), Israel, the United Arab Emirates and Germany lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, Turkey, with a CAGR of +75.1%, saw 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

In 2022, the average export price for hand-operated drilling, threading or tapping tools amounted to $X per ton, waning by -7.1% against the previous year. Over the period under review, the export price, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 62%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the United Arab Emirates ($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 Vietnam (+34.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hand-Operated Drilling, Threading or Tapping Tools

Imports into Republic of Korea

Imports of hand-operated drilling, threading or tapping tools into South Korea fell remarkably to X tons in 2022, reducing by -25.3% against the year before. Overall, imports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 36%. Over the period under review, imports of hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of hand-operated drilling, threading or tapping tools stood at $X in 2022. Over the period under review, imports showed a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of 68%. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of hand-operated drilling, threading or tapping tool to South Korea, accounting for a 72% share of total imports. Moreover, imports of hand-operated drilling, threading or tapping tools from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. Israel (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-13.9% per year) and Israel (+15.0% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) appeared to be the largest hand-operated drilling, threading or tapping tool suppliers to South Korea, together comprising 73% of total imports. Israel, the United States and Germany lagged somewhat behind, together comprising a further 25%.

Among the main suppliers, Israel, with a CAGR of +22.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for hand-operated drilling, threading or tapping tools stood at $X per ton in 2022, growing by 42% against the previous year. Overall, the import price posted a buoyant expansion. The pace of growth appeared the most rapid in 2017 when the average import price increased by 74% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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