Republic of Korea: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Republic of Korea

After two years of growth, the South Korean machine-tool for working metal market decreased by -95.3% to $X in 2021. Over the period under review, consumption recorded a dramatic slump. As a result, consumption reached the peak level of $X, and then dropped significantly in the following year.

Production of Machine Tools For Working Metal in Republic of Korea

In value terms, machine-tool for working metal production dropped to $X in 2021 estimated in export price. Overall, production saw a abrupt decrease. The growth pace was the most rapid in 2019 with an increase of 181%. Machine-tool for working metal production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Machine Tools For Working Metal

Exports from Republic of Korea

In 2021, the amount of machine tools for working metal exported from South Korea skyrocketed to X units, growing by 103% against 2020. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine-tool for working metal exports skyrocketed to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X units), Hungary (X units) and Nepal (X units) were the main destinations of machine-tool for working metal exports from South Korea, together comprising 50% of total exports.

From 2012 to 2021, the biggest increases were recorded for Nepal (with a CAGR of +1,276.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Hungary ($X) constituted the largest markets for machine-tool for working metal exported from South Korea worldwide, together accounting for 37% of total exports. These countries were followed by Vietnam, India, Turkey, Nepal, Thailand, Mexico, Indonesia, Slovakia and Brazil, which together accounted for a further 35%.

Nepal, with a CAGR of +1,153.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average machine-tool for working metal export price stood at $X per unit in 2021, waning by -18.8% against the previous year. Over the period under review, the export price, however, saw a strong increase. The growth pace was the most rapid in 2017 an increase of 346% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per unit), while the average price for exports to Slovakia ($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 Mexico (+51.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded decline in purchases abroad of machine tools for working metal, which decreased by -10.8% to X units in 2021. Over the period under review, imports recorded a deep slump. The growth pace was the most rapid in 2016 with an increase of 5.2%. Imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, machine-tool for working metal imports totaled $X in 2021. In general, imports saw a pronounced shrinkage. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Germany (X units) and Japan (X units) were the main suppliers of machine-tool for working metal imports to South Korea, together comprising 83% of total imports. These countries were followed by Taiwan (Chinese), Italy, Vietnam, the UK and the United States, which together accounted for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +24.2%), while imports for the other leaders experienced a decline.

In value terms, the largest machine-tool for working metal suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), together accounting for 73% of total imports. These countries were followed by Italy, Taiwan (Chinese), the United States, Vietnam and the UK, which together accounted for a further 10%.

In terms of the main suppliers, Vietnam, with a CAGR of +28.3%, recorded 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 machine-tool for working metal import price stood at $X per unit in 2021, with an increase of 27% against the previous year. In general, the import price recorded a prominent increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 68%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+33.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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