Republic of Korea: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Republic of Korea

In 2021, after two years of growth, there was significant decline in the South Korean machine-tool for working wood market, when its value decreased by -9% to $X. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Production of Machine-Tools For Working Wood in Republic of Korea

In value terms, machine-tool for working wood production plummeted to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 72%. Over the period under review, production hit record highs at $X in 2020, and then shrank notably in the following year.

Exports of Machine-Tools For Working Wood

Exports from Republic of Korea

In 2021, exports of machine-tools for working wood from South Korea declined to X tons, with a decrease of -11.3% on the year before. In general, exports saw a pronounced decrease. The pace of growth was the most pronounced in 2013 when exports increased by 90%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, machine-tool for working wood exports reduced to $X in 2021. Overall, exports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2013 with an increase of 135% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Indonesia (X tons) and Malaysia (X tons) were the main destinations of machine-tool for working wood exports from South Korea, together comprising 47% of total exports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +62.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for machine-tool for working wood exported from South Korea were Vietnam ($X), China ($X) and Malaysia ($X), together comprising 38% of total exports.

Malaysia, with a CAGR of +63.6%, recorded the highest growth rate of the value of exports, among 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

In 2021, the average machine-tool for working wood export price amounted to $X per ton, declining by -1.6% against the previous year. Overall, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, machine-tool for working wood export price increased by +36.8% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of 28%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Hong Kong SAR ($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 Russia (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports into Republic of Korea

In 2021, imports of machine-tools for working wood into South Korea skyrocketed to X tons, jumping by 24% against 2020 figures. Overall, total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 26%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, machine-tool for working wood imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest machine-tool for working wood supplier to South Korea, accounting for a 65% share of total imports. Moreover, machine-tool for working wood imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was held by Japan (X tons), with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-6.6% per year) and Japan (-13.2% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working wood to South Korea, comprising 44% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.2% per year) and Taiwan (Chinese) (-4.2% per year).

Import Prices by Country

In 2021, the average machine-tool for working wood import price amounted to $X per ton, declining by -3.5% against the previous year. Over the period under review, the import price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 12% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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