Republic of Korea: Hedge Shear Market 2024

Hedge Shear Market Size in Republic of Korea

The South Korean hedge shear market skyrocketed to $X in 2021, surging by 33% against the previous year. Over the period under review, consumption enjoyed resilient growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Hedge Shear Production in Republic of Korea

In value terms, hedge shear production soared to $X in 2021 estimated in export price. Overall, production showed a strong increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 89%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Hedge Shear Exports

Exports from Republic of Korea

In 2021, shipments abroad of hedge shears and two-handed pruning shears increased by 12% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 126% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, hedge shear exports soared to $X in 2021. Over the period under review, exports posted slight growth. The most prominent rate of growth was recorded in 2020 with an increase of 71% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X tons) was the main destination for hedge shear exports from South Korea, with a 50% share of total exports. Moreover, hedge shear exports to Saudi Arabia exceeded the volume sent to the second major destination, China (X tons), threefold. Sri Lanka (X tons) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia totaled -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+109.9% per year) and Sri Lanka (-7.1% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for hedge shears and two-handed pruning shears exports from South Korea, comprising 35% of total exports. The second position in the ranking was taken by China ($X), with an 18% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+132.2% per year) and the United Arab Emirates (+21.3% per year).

Export Prices by Country

In 2021, the average hedge shear export price amounted to $X per ton, rising by 27% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hedge shear export price decreased by -4.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average export price increased by 39% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia ($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 Kuwait (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Hedge Shear Imports

Imports into Republic of Korea

In 2021, the amount of hedge shears and two-handed pruning shears imported into South Korea fell to X tons, with a decrease of -13.1% against 2020. Over the period under review, imports, however, enjoyed a pronounced expansion. The growth pace was the most rapid in 2015 with an increase of 61%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, hedge shear imports expanded significantly to $X in 2021. Overall, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.4% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 52%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of hedge shear imports to South Korea, with a combined 95% share of total imports. These countries were followed by Poland, which accounted for a further 2.6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +127.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hedge shear suppliers to South Korea were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 89% share of total imports. Poland lagged somewhat behind, comprising a further 7.5%.

Poland, with a CAGR of +147.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 hedge shear import price amounted to $X per ton, growing by 21% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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