Republic of Korea: Household Hand Tools Market 2024

Household Hand Tools Market Size in Republic of Korea

In 2021, the South Korean household hand tools market increased by 0.3% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Household Hand Tools Production in Republic of Korea

In value terms, household hand tools production reduced modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2017 with an increase of 21%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Household Hand Tools Exports

Exports from Republic of Korea

In 2021, overseas shipments of household hand tools increased by 281% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a noticeable slump. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, household hand tools exports surged to $X in 2021. Over the period under review, exports, however, showed a slight slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Germany (X tons) and China (X tons) were the main destinations of household hand tools exports from South Korea, together accounting for 37% of total exports. Sweden, France, Italy, Australia, Japan, Micronesia, South Africa, Vietnam, Russia and Turkey lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Micronesia (with a CAGR of +33.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for household hand tools exported from South Korea were the United States ($X), Germany ($X) and Sweden ($X), together comprising 46% of total exports.

Among the main countries of destination, Sweden, with a CAGR of +37.0%, saw the highest growth rate of 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 2021, the average household hand tools export price amounted to $X per ton, increasing by 1.6% against the previous year. In general, export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household hand tools export price decreased by -3.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 25% 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 failed to regain momentum.

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 Turkey ($X per ton), while the average price for exports to Micronesia ($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 Turkey (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Household Hand Tools Imports

Imports into Republic of Korea

Household hand tools imports into South Korea soared to X tons in 2021, increasing by 47% against 2020 figures. In general, imports posted a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 107% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, household hand tools imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main household hand tools supplier to South Korea, accounting for a 91% share of total imports. It was followed by Japan (X tons), with a 2.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+25.9% per year) and Germany (+19.7% per year).

In value terms, China ($X) constituted the largest supplier of household hand tools to South Korea, comprising 77% of total imports. The second position in the ranking was taken by Japan ($X), with a 9.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+37.8% per year) and Germany (+24.2% per year).

Import Prices by Country

The average household hand tools import price stood at $X per ton in 2021, rising by 3% against the previous year. In general, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household hand tools import price increased by +68.5% against 2016 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 28%. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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