Republic of Korea: Knitting Machine Market 2024

Knitting Machine Market Size in Republic of Korea

The South Korean knitting machine market skyrocketed to $X in 2022, surging by X% against the previous year. Overall, consumption, however, continues to indicate a abrupt downturn. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Knitting Machine Production in Republic of Korea

In value terms, knitting machine production totaled $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume decreased by X% against the previous year. Knitting machine production peaked in 2022 and is expected to retain growth in years to come.

Knitting Machine Exports

Exports from Republic of Korea

In 2022, knitting machine exports from South Korea dropped dramatically to X units, with a decrease of X% compared with the previous year. Overall, exports showed a deep reduction. The pace of growth was the most pronounced in 2015 when exports increased by X%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, knitting machine exports contracted rapidly to $X in 2022. Over the period under review, exports recorded a pronounced contraction. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

India (X units), Indonesia (X units) and Vietnam (X units) were the main destinations of knitting machine exports from South Korea, with a combined X% share of total exports. Pakistan, Sri Lanka, Iran, Turkey and China lagged somewhat behind, together comprising a further X%. Moreover, knitting machine exports in India exceeded the figures recorded by the second-largest exporter, Indonesia, twofold.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Indonesia ($X) and Vietnam ($X) constituted the largest markets for knitting machine exported from South Korea worldwide, together comprising X% of total exports. Sri Lanka, Pakistan, Iran, Turkey and China lagged somewhat behind, together accounting for a further X%.

Pakistan, with a CAGR of X%, saw 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

In 2022, the average knitting machine export price amounted to $X per unit, with an increase of X% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, knitting machine export price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machine Imports

Imports into Republic of Korea

In 2022, overseas purchases of flat knitting machines, stitch-bonding machines and warp knitting machines decreased by X% to X units, falling for the third year in a row after two years of growth. In general, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, knitting machine imports declined to $X in 2022. Over the period under review, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), Germany (X units) and China (X units) were the main suppliers of knitting machine imports to South Korea, together comprising X% of total imports. The United States lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest knitting machine suppliers to South Korea were Japan ($X), Germany ($X) and China ($X), together comprising X% of total imports. The United States lagged somewhat behind, accounting for a further X%.

In terms of the main suppliers, the United States, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average knitting machine import price amounted to $X per unit, shrinking by X% against the previous year. In general, the import price recorded a mild setback. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per unit) and Germany ($X per unit), while the price for China ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :