Republic of Korea: Interchangeable Tool Market 2025

Interchangeable Tool Market Size in Republic of Korea

The South Korean interchangeable tool market surged to $X in 2021, rising by 63% against the previous year. Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.4% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Interchangeable Tool Production in Republic of Korea

In value terms, interchangeable tool production reduced modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 22% against the previous year. Interchangeable tool production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Interchangeable Tool Exports

Exports from Republic of Korea

In 2021, interchangeable tool exports from South Korea reduced markedly to X tons, which is down by -24.9% on the previous year. In general, total exports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -26.7% against 2018 indices. The growth pace was the most rapid in 2017 when exports increased by 48% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, interchangeable tool exports dropped to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 26%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Japan (X tons) and India (X tons) were the main destinations of interchangeable tool exports from South Korea, with a combined 75% share of total exports. These countries were followed by Mexico, Indonesia, Brazil, China, Germany, the Czech Republic, Slovakia, France, Poland and Malaysia, which together accounted for a further 63%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +29.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and India ($X) appeared to be the largest markets for interchangeable tool exported from South Korea worldwide, with a combined 48% share of total exports. These countries were followed by Mexico, China, Germany, Indonesia, Brazil, Poland, France, the Czech Republic, Slovakia and Malaysia, which together accounted for a further 50%.

Among the main countries of destination, Malaysia, with a CAGR of +19.0%, 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 interchangeable tool export price amounted to $X per ton, increasing by 16% against the previous year. Over the period under review, the export price, however, recorded a mild curtailment. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per ton), while the average price for exports to Slovakia ($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 China (+1.0%), while the prices for the other major destinations experienced a decline.

Interchangeable Tool Imports

Imports into Republic of Korea

Interchangeable tool imports into South Korea surged to X tons in 2021, picking up by 20% compared with 2020. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 28% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, interchangeable tool imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 39% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Myanmar (X tons) was the main interchangeable tool supplier to South Korea, accounting for a approx. 107% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Myanmar was relatively modest.

In value terms, Myanmar ($X) constituted the largest supplier of interchangeable tools for hand tools to South Korea.

From 2012 to 2021, the average annual growth rate of value from Myanmar was relatively modest.

Import Prices by Country

In 2021, the average interchangeable tool import price amounted to $X per ton, declining by -2.9% against the previous year. Over the period under review, the import price recorded a slight setback. The pace of growth was the most pronounced in 2017 when the average import price increased by 8.4%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Myanmar.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +4.1% per year.

Source: IndexBox Platform

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