Republic of Korea: Knitting Machines Market 2024

Knitting Machines Market Size in Republic of Korea

In 2021, the South Korean knitting machines market decreased by -13.1% to $X, falling for the third year in a row after two years of growth. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -20.7% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Knitting Machines Production in Republic of Korea

In value terms, knitting machines production skyrocketed to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -27.9% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 38% against the previous year. Knitting machines production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Knitting Machines Exports

Exports from Republic of Korea

In 2021, after four years of decline, there was significant growth in overseas shipments of knitting machineses, when their volume increased by 84% to X units. In general, exports, however, recorded a abrupt decrease. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, knitting machines exports surged to $X in 2021. Over the period under review, exports, however, recorded a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X units), Guatemala (X units) and Russia (X units) were the main destinations of knitting machines exports from South Korea, with a combined 69% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Guatemala (with a CAGR of +29.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for knitting machines exported from South Korea were Guatemala ($X), the United States ($X) and Vietnam ($X), with a combined 49% share of total exports.

Among the main countries of destination, Guatemala, with a CAGR of +22.8%, 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 knitting machines export price amounted to $X per unit, with an increase of 2.1% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, knitting machines export price increased by +63.3% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machines Imports

Imports into Republic of Korea

In 2021, supplies from abroad of knitting machineses decreased by -12% to X units, falling for the eighth year in a row after two years of growth. Over the period under review, imports showed a dramatic setback. The most prominent rate of growth was recorded in 2013 when imports increased by 34%. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, knitting machines imports rose slightly to $X in 2021. In general, imports recorded a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of 38%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of knitting machines to South Korea, accounting for a 88% share of total imports. Moreover, knitting machines imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-36.0% per year) and the United States (-5.7% per year).

In value terms, the largest knitting machines suppliers to South Korea were China ($X), Japan ($X) and Germany ($X), together accounting for 84% of total imports. The United States lagged somewhat behind, comprising a further 6.5%.

Among the main suppliers, the United States, with a CAGR of +30.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average knitting machines import price stood at $X per unit in 2021, with an increase of 17% against the previous year. Overall, the import price showed a significant expansion. The growth pace was the most rapid in 2019 when the average import price increased by 92% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+58.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform