Republic of Korea: Hand Sieve Market 2024

Hand Sieve Market Size in Republic of Korea

The South Korean hand sieve market shrank markedly to $X in 2022, waning by -25.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, enjoyed a buoyant increase. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Hand Sieve Exports

Exports from Republic of Korea

Hand sieve exports from South Korea reached X units in 2022, almost unchanged from the year before. Over the period under review, exports recorded moderate growth. The pace of growth appeared the most rapid in 2014 when exports increased by 252%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, hand sieve exports reached $X in 2022. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 222%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for hand sieve exports from South Korea, with a 61% share of total exports. Moreover, hand sieve exports to the United States exceeded the volume sent to the second major destination, Malaysia (X units), fourfold. The third position in this ranking was held by Australia (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+63.5% per year) and Australia (-8.9% per year).

In value terms, the United States ($X) remains the key foreign market for hand sieves and hand riddles exports from South Korea, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 20% share of total exports. It was followed by Australia, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+18.2% per year) and Australia (-2.5% per year).

Export Prices by Country

The average hand sieve export price stood at $X per unit in 2022, approximately equating the previous year. Overall, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hand sieve export price increased by +23.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 46% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Malaysia ($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 Brazil (+1,964.9%), while the prices for the other major destinations experienced more modest paces of growth.

Hand Sieve Imports

Imports into Republic of Korea

In 2022, the amount of hand sieves and hand riddles imported into South Korea reduced to X units, waning by -14.1% on the previous year. Over the period under review, imports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2015 when imports increased by 1,053% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, hand sieve imports reduced to $X in 2022. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 458% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest hand sieve supplier to South Korea, with a 87% share of total imports. Moreover, hand sieve imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), more than tenfold. The UK (X units) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +31.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+4.7% per year) and the UK (-7.6% per year).

In value terms, China ($X), Spain ($X) and Japan ($X) constituted the largest hand sieve suppliers to South Korea, together accounting for 71% of total imports.

Among the main suppliers, China, with a CAGR of +29.6%, saw 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 2022, the average hand sieve import price amounted to $X per unit, rising by 3.1% against the previous year. Overall, the import price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 an increase of 90% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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