Republic of Korea: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in Republic of Korea

The South Korean electrical circuit apparatus market skyrocketed to $X in 2021, jumping by 36% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Electrical Circuit Apparatus Production in Republic of Korea

In value terms, electrical circuit apparatus production amounted to $X in 2021 estimated in export price. Over the period under review, production posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 784% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Electrical Circuit Apparatus Exports

Exports from Republic of Korea

In 2021, the amount of electrical apparatus for circuit connection, switching and protection exported from South Korea soared to X tons, picking up by 19% compared with 2020 figures. The total export volume increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, electrical circuit apparatus exports soared to $X in 2021. In general, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.2% 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 +86.4% against 2012 indices. The growth pace was the most rapid in 2013 with an increase of 19% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons), Vietnam (X tons) and the United States (X tons) were the main destinations of electrical circuit apparatus exports from South Korea, with a combined 47% share of total exports.

From 2012 to 2021, the biggest increases were in Vietnam (with a CAGR of +16.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical circuit apparatus exported from South Korea were China ($X), Vietnam ($X) and the United States ($X), with a combined 57% share of total exports.

Vietnam, with a CAGR of +24.3%, saw the highest rates of growth with regard to the value of exports, among 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

In 2021, the average electrical circuit apparatus export price amounted to $X per ton, approximately reflecting the previous year. In general, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electrical circuit apparatus export price increased by +69.3% against 2014 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 30% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then reduced modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Russia ($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 Hong Kong SAR (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into Republic of Korea

In 2021, supplies from abroad of electrical apparatus for circuit connection, switching and protection increased by 20% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, electrical circuit apparatus imports soared to $X in 2021. The total import value increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of electrical circuit apparatus to South Korea, with a 58% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold. The third position in this ranking was taken by Japan (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+44.4% per year) and Japan (-8.8% per year).

In value terms, the largest electrical circuit apparatus suppliers to South Korea were China ($X), Japan ($X) and Vietnam ($X), with a combined 62% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +45.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average electrical circuit apparatus import price amounted to $X per ton, stabilizing at the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2014 when the average import price increased by 39% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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