Republic of Korea: Non-Electric Motor Handtools Market 2024

Non-Electric Motor Handtools Market Size in Republic of Korea

The South Korean non-electric motor handtools market shrank to $X in 2022, with a decrease of -14.6% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Non-Electric Motor Handtools Production in Republic of Korea

In value terms, non-electric motor handtools production totaled $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with a decrease of 99.9%. Over the period under review, production attained the peak level in 2022 and is expected to retain growth in the near future.

Non-Electric Motor Handtools Exports

Exports from Republic of Korea

In 2022, non-electric motor handtools exports from South Korea skyrocketed to X units, picking up by 124% on 2021. Over the period under review, exports, however, continue to indicate a noticeable reduction. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, non-electric motor handtools exports skyrocketed to $X in 2022. In general, exports, however, showed a pronounced descent. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X units), Japan (X units) and the United States (X units) were the main destinations of non-electric motor handtools exports from South Korea, with a combined 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +98.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X), Japan ($X) and the United States ($X) constituted the largest markets for non-electric motor handtools exported from South Korea worldwide, together accounting for 44% of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of +131.6%, saw the highest rates of growth with regard to 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 non-electric motor handtools export price amounted to $X per unit, declining by -3.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 56%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Peru ($X per unit) and India ($X per unit), while the average price for exports to Turkey ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Motor Handtools Imports

Imports into Republic of Korea

Non-electric motor handtools imports into South Korea declined dramatically to X units in 2022, with a decrease of -26.4% against the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 69% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, non-electric motor handtools imports rose markedly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 26% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Germany (X units) were the main suppliers of non-electric motor handtools imports to South Korea, together comprising 65% of total imports. Thailand, the United States, Sweden, the Netherlands and the UK lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +15.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-electric motor handtools suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), with a combined 65% share of total imports. Thailand, the United States, Sweden, the Netherlands and the UK lagged somewhat behind, together accounting for a further 30%.

Among the main suppliers, the Netherlands, with a CAGR of +14.6%, 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

The average non-electric motor handtools import price stood at $X per unit in 2022, rising by 45% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and China ($X per unit), while the price for the UK ($X per unit) and the Netherlands ($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 Netherlands (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :