Republic of Korea: Isolating Switch Market 2024

Isolating Switch Market Size in Republic of Korea

The South Korean isolating switch market declined modestly to $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.4% against 2019 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Isolating Switch Production in Republic of Korea

In value terms, isolating switch production contracted to $X in 2022 estimated in export price. Overall, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 29%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Isolating Switch Exports

Exports from Republic of Korea

In 2022, exports of isolating switches & make-and-break switches from South Korea contracted rapidly to X units, which is down by -17.3% compared with the previous year. Over the period under review, exports recorded a pronounced decrease. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, isolating switch exports dropped markedly to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 58% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X units), Vietnam (X units) and Syrian Arab Republic (X units) were the main destinations of isolating switch exports from South Korea, together comprising 31% of total exports. Iraq, Kuwait, Greece, Brazil, Indonesia, the United States, Ghana, Egypt, the Netherlands and Qatar lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +37.6%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the key foreign market for isolating switches & make-and-break switches exports from South Korea, comprising 22% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.9% share of total exports. It was followed by Iraq, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia stood at -4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+38.8% per year) and Iraq (+18.0% per year).

Export Prices by Country

The average isolating switch export price stood at $X per unit in 2022, approximately reflecting the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isolating switch export price increased by +14.8% against 2019 indices. The growth pace was the most rapid in 2015 when the average export price increased by 15%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then shrank modestly in the following year.

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 Saudi Arabia ($X per unit), while the average price for exports to Egypt ($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 Saudi Arabia (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Isolating Switch Imports

Imports into Republic of Korea

In 2022, the amount of isolating switches & make-and-break switches imported into South Korea declined markedly to X units, shrinking by -28.8% on the previous year's figure. In general, imports, however, showed a mild increase. The growth pace was the most rapid in 2013 when imports increased by 434%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, isolating switch imports dropped remarkably to $X in 2022. Overall, imports, however, recorded strong growth. The growth pace was the most rapid in 2013 with an increase of 274%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X units), Vietnam (X units) and Italy (X units) were the main suppliers of isolating switch imports to South Korea, together comprising 76% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +51.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest isolating switch suppliers to South Korea were China ($X), Vietnam ($X) and Germany ($X), together accounting for 61% of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +46.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average isolating switch import price stood at $X per unit in 2022, falling by -4% against the previous year. Over the period under review, the import price, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2014 an increase of 137% against the previous year. The import price peaked at $X per unit in 2021, and then dropped in the following year.

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 Switzerland ($X per unit), while the price for Vietnam ($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 (+14.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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