Republic of Korea: Sugar-Manufacturing Industrial Machinery Market 2024

Sugar-Manufacturing Industrial Machinery Market Size in Republic of Korea

In 2022, after three years of growth, there was significant decline in the South Korean sugar-manufacturing industrial machinery market, when its value decreased by -40.4% to $X. Overall, consumption, however, continues to indicate a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2021, and then shrank markedly in the following year.

Sugar-Manufacturing Industrial Machinery Production in Republic of Korea

In value terms, sugar-manufacturing industrial machinery production fell to $X in 2022 estimated in export price. Overall, production, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 86%. Sugar-manufacturing industrial machinery production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Sugar-Manufacturing Industrial Machinery Exports

Exports from Republic of Korea

In 2022, shipments abroad of industrial machinery for the manufacture or preparation of sugar was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 5,000%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar-manufacturing industrial machinery exports contracted slightly to $X in 2022. Overall, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 when exports increased by 2,894% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Panama (X units) was the main destination for sugar-manufacturing industrial machinery exports from South Korea, accounting for a 59% share of total exports. Moreover, sugar-manufacturing industrial machinery exports to Panama exceeded the volume sent to the second major destination, India (X units), fivefold. The third position in this ranking was taken by Indonesia (X units), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Panama totaled +55.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+24.1% per year) and Indonesia (-8.2% per year).

In value terms, Panama ($X) remains the key foreign market for industrial machinery for the manufacture or preparation of sugar exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by Thailand ($X), with a 16% share of total exports. It was followed by Cambodia, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama stood at +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+49.2% per year) and Cambodia (+31.6% per year).

Export Prices by Country

The average sugar-manufacturing industrial machinery export price stood at $X per unit in 2022, falling by -89.9% against the previous year. Overall, the export price faced a dramatic curtailment. The most prominent rate of growth was recorded in 2015 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Pakistan ($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 Panama (-11.6%), while the prices for the other major destinations experienced a decline.

Sugar-Manufacturing Industrial Machinery Imports

Imports into Republic of Korea

In 2022, overseas purchases of industrial machinery for the manufacture or preparation of sugar were finally on the rise to reach X units after five years of decline. Over the period under review, imports, however, continue to indicate a slight reduction. The pace of growth appeared the most rapid in 2014 when imports increased by 707%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, sugar-manufacturing industrial machinery imports soared to $X in 2022. Overall, imports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by 693% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X units), China (X units) and the United States (X units) were the main suppliers of sugar-manufacturing industrial machinery imports to South Korea, together comprising 97% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +38.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of industrial machinery for the manufacture or preparation of sugar to South Korea, comprising 87% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by the United States, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+48.7% per year) and the United States (+3.9% per year).

Import Prices by Country

The average sugar-manufacturing industrial machinery import price stood at $X per unit in 2022, rising by 15% against the previous year. In general, the import price, however, continues to indicate a deep setback. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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