Republic of Korea: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Republic of Korea

The South Korean industrial sewing machines (non-automatic) market contracted markedly to $X in 2022, shrinking by -45.6% against the previous year. Over the period under review, consumption showed a pronounced reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Industrial Sewing Machines (Non-Automatic) in Republic of Korea

In value terms, industrial sewing machines (non-automatic) production totaled $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 7,835,461,300% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from Republic of Korea

Industrial sewing machines (non-automatic) exports from South Korea fell modestly to X units in 2022, almost unchanged from 2021 figures. Overall, exports faced a deep downturn. The pace of growth appeared the most rapid in 2021 with an increase of 19% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machines (non-automatic) exports declined notably to $X in 2022. Over the period under review, exports faced a deep setback. The growth pace was the most rapid in 2021 with an increase of 61% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for industrial sewing machines (non-automatic) exports from South Korea, with a 38% share of total exports. Moreover, industrial sewing machines (non-automatic) exports to Indonesia exceeded the volume sent to the second major destination, Vietnam (X units), twofold. The third position in this ranking was taken by Bangladesh (X units), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-14.5% per year) and Bangladesh (-6.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for industrial sewing machines (non-automatic) exports from South Korea, comprising 42% of total exports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total exports. It was followed by Bangladesh, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-15.5% per year) and Bangladesh (-5.4% per year).

Export Prices by Country

In 2022, the average industrial sewing machines (non-automatic) export price amounted to $X per unit, which is down by -29.8% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 35% against the previous year. As a result, the export price reached the peak level of $X per unit, and then reduced remarkably in the following year.

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 Vietnam ($X per unit), while the average price for exports to Mexico ($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 Pakistan (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into Republic of Korea

In 2022, overseas purchases of industrial sewing machines (non-automatic) decreased by -51.2% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 18%. Over the period under review, imports reached the maximum at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machines (non-automatic) imports shrank to $X in 2022. In general, imports saw a abrupt decrease. The growth pace was the most rapid in 2021 when imports increased by 24%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of industrial sewing machines (non-automatic) to South Korea, accounting for a 70% share of total imports. Moreover, industrial sewing machines (non-automatic) imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-19.3% per year) and Taiwan (Chinese) (-3.3% per year).

In value terms, China ($X) constituted the largest supplier of industrial sewing machines (non-automatic) to South Korea, comprising 76% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by the United States, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.2% per year) and the United States (-13.7% per year).

Import Prices by Country

In 2022, the average industrial sewing machines (non-automatic) import price amounted to $X per unit, increasing by 79% against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial sewing machines (non-automatic) import price increased by +88.8% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 China ($X per unit), while the price for Hong Kong SAR ($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 (+21.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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