Republic of Korea: Machine-Tool For Drilling Market 2025

Machine-Tool For Drilling Market Size in Republic of Korea

In 2022, the South Korean machine-tool for drilling market decreased by -2% to $X, falling for the fourth consecutive year after two years of growth. In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.3% against 2018 indices. Machine-tool for drilling consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Machine-Tool For Drilling Production in Republic of Korea

In value terms, machine-tool for drilling production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +1.8% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 41% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Machine-Tool For Drilling Exports

Exports from Republic of Korea

Machine-tool for drilling exports from South Korea contracted markedly to X units in 2022, with a decrease of -23.1% on the previous year's figure. Overall, exports saw a noticeable contraction. The most prominent rate of growth was recorded in 2015 with an increase of 84% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, machine-tool for drilling exports dropped notably to $X in 2022. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 65% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Myanmar (X units) was the main destination for machine-tool for drilling exports from South Korea, with a 39% share of total exports. Moreover, machine-tool for drilling exports to Myanmar exceeded the volume sent to the second major destination, Japan (X units), threefold. The third position in this ranking was held by Vietnam (X units), with a 6% share.

From 2012 to 2022, the average annual growth rate of volume to Myanmar stood at +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+6.9% per year) and Vietnam (+2.2% per year).

In value terms, the largest markets for machine-tool for drilling exported from South Korea were Myanmar ($X), China ($X) and Vietnam ($X), with a combined 37% share of total exports. The United States, Taiwan (Chinese), Indonesia, India, Japan, Poland, Sudan and Lithuania lagged somewhat behind, together comprising a further 19%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +50.1%, recorded 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 2022, the average machine-tool for drilling export price amounted to $X per unit, increasing by 9.9% against the previous year. Over the period under review, the export price, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 an increase of 39% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Lithuania ($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 Taiwan (Chinese) (+21.4%), while the prices for the other major destinations experienced more modest paces of growth.

Machine-Tool For Drilling Imports

Imports into Republic of Korea

In 2022, overseas purchases of machine-tools for drilling, boring or milling metal decreased by -14.7% to X units for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 92% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then contracted in the following year.

In value terms, machine-tool for drilling imports shrank to $X in 2022. Over the period under review, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of machine-tool for drilling to South Korea, accounting for a 80% share of total imports. Moreover, machine-tool for drilling imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The third position in this ranking was held by Poland (X units), with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.4% per year) and Poland (+50.1% per year).

In value terms, the largest machine-tool for drilling suppliers to South Korea were China ($X), Japan ($X) and Germany ($X), with a combined 46% share of total imports. The United States, the UK, Taiwan (Chinese) and Poland lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Poland, with a CAGR of +21.7%, 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 more modest paces of growth.

Import Prices by Country

The average machine-tool for drilling import price stood at $X per unit in 2022, increasing by 4.6% against the previous year. In general, the import price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2017 an increase of 53%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+20.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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