Republic of Korea: Hide Repairing Machinery Market 2024

Hide Repairing Machinery Market Size in Republic of Korea

The South Korean hide repairing machinery market expanded rapidly to $X in 2022, surging by 6.5% against the previous year. Overall, consumption enjoyed a measured increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Hide Repairing Machinery Production in Republic of Korea

In value terms, hide repairing machinery production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 39%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Hide Repairing Machinery Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in overseas shipments of machinery for making or repairing articles of hides, skins or leather, when their volume decreased by -10.8% to X units. In general, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 123%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, hide repairing machinery exports reduced to $X in 2022. Overall, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2014 with an increase of 121% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units) was the main destination for hide repairing machinery exports from South Korea, with a 81% share of total exports. Moreover, hide repairing machinery exports to Indonesia exceeded the volume sent to the second major destination, China (X units), eightfold. The third position in this ranking was taken by Vietnam (X units), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +31.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.4% per year) and Vietnam (-26.4% per year).

In value terms, Indonesia ($X) remains the key foreign market for machinery for making or repairing articles of hides, skins or leather exports from South Korea, comprising 82% of total exports. The second position in the ranking was held by the United States ($X), with a 6% share of total exports. It was followed by Vietnam, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to +31.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.0% per year) and Vietnam (-26.5% per year).

Export Prices by Country

In 2022, the average hide repairing machinery export price amounted to $X per unit, remaining stable against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hide repairing machinery export price decreased by -5.7% against 2020 indices. The pace of growth appeared the most rapid in 2016 an increase of 62% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to China ($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 the United States (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Hide Repairing Machinery Imports

Imports into Republic of Korea

In 2022, hide repairing machinery imports into South Korea soared to X units, picking up by 37% against 2021. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 453% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, hide repairing machinery imports fell to $X in 2022. Overall, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 240% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

China (X units), Italy (X units) and Vietnam (X units) were the main suppliers of hide repairing machinery imports to South Korea, with a combined 100% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +81.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of machinery for making or repairing articles of hides, skins or leather to South Korea, comprising 82% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +59.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.3% per year) and Vietnam (+7.9% per year).

Import Prices by Country

In 2022, the average hide repairing machinery import price amounted to $X per unit, dropping by -34.3% against the previous year. Over the period under review, the import price, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2013 when the average import price increased by 124% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2021, and then shrank significantly 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 Italy ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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