Republic of Korea: Tobacco Making Machinery Market 2024

Tobacco Making Machinery Market Size in Republic of Korea

The South Korean tobacco making machinery market contracted markedly to $X in 2022, waning by -29.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a deep downturn. Tobacco making machinery consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tobacco Making Machinery Exports

Exports from Republic of Korea

In 2022, exports of machinery for the preparation or making up of tobacco from South Korea fell notably to X units, dropping by -17.7% on the previous year's figure. In general, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 586%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, tobacco making machinery exports shrank to $X in 2022. Over the period under review, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2016 when exports increased by 227% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units) was the main destination for tobacco making machinery exports from South Korea, accounting for a 88% share of total exports. Moreover, tobacco making machinery exports to Indonesia exceeded the volume sent to the second major destination, France (X units), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia stood at +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-12.0% per year) and Germany (-5.3% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for machinery for the preparation or making up of tobacco exports from South Korea, comprising 97% of total exports. The second position in the ranking was taken by France ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Indonesia stood at +28.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-0.7% per year) and Germany (+4.8% per year).

Export Prices by Country

In 2022, the average tobacco making machinery export price amounted to $X per unit, surging by 7.9% against the previous year. In general, the export price showed prominent growth. The growth pace was the most rapid in 2017 an increase of 86%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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 Indonesia ($X per unit), while the average price for exports to Germany ($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 Turkey (+71.8%), while the prices for the other major destinations experienced more modest paces of growth.

Tobacco Making Machinery Imports

Imports into Republic of Korea

Tobacco making machinery imports into South Korea soared to X units in 2022, rising by 123% on the previous year's figure. Overall, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 210%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, tobacco making machinery imports soared to $X in 2022. Over the period under review, imports, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 452% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X units), Italy (X units) and Poland (X units) were the main suppliers of tobacco making machinery imports to South Korea, together accounting for 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +5.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X) constituted the largest supplier of machinery for the preparation or making up of tobacco to South Korea, comprising 78% of total imports. The second position in the ranking was taken by Italy ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-16.0% per year) and Poland (+6.1% per year).

Import Prices by Country

The average tobacco making machinery import price stood at $X per unit in 2022, jumping by 50% against the previous year. Over the period under review, the import price enjoyed strong growth. The most prominent rate of growth was recorded in 2017 an increase of 78% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 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 Germany ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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