Republic of Korea: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in Republic of Korea

For the fourth consecutive year, the South Korean market for machines for preparing, weaving and knitting textiles recorded decline in sales value, which decreased by -83.5% to $X in 2021. Overall, consumption continues to indicate a dramatic decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Machines For Preparing, Weaving And Knitting Textiles in Republic of Korea

In value terms, textile weaving and knitting machinery production soared to $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 30%. Textile weaving and knitting machinery production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from Republic of Korea

In 2021, shipments abroad of machines for preparing, weaving and knitting textiles was finally on the rise to reach X units after four years of decline. Overall, exports, however, recorded a noticeable curtailment. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, textile weaving and knitting machinery exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt curtailment. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X units), Vietnam (X units) and Guatemala (X units) were the main destinations of textile weaving and knitting machinery exports from South Korea, together comprising 60% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of +30.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for textile weaving and knitting machinery exported from South Korea were Vietnam ($X), the United States ($X) and Turkey ($X), with a combined 38% share of total exports. China, India, Guatemala, Indonesia, Bangladesh and Pakistan lagged somewhat behind, together comprising a further 31%.

In terms of the main countries of destination, Guatemala, with a CAGR of +19.2%, saw the highest rates of growth with regard to 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

The average export price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, jumping by 25% against the previous year. In general, the export price, however, showed a mild slump. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to India ($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 China (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into Republic of Korea

After four years of decline, supplies from abroad of machines for preparing, weaving and knitting textiles increased by 4.1% to X units in 2021. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 18%. Imports peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, textile weaving and knitting machinery imports declined modestly to $X in 2021. In general, imports, however, saw a deep reduction. The pace of growth was the most pronounced in 2016 when imports increased by 14%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of textile weaving and knitting machinery to South Korea, accounting for a 65% share of total imports. Moreover, textile weaving and knitting machinery imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The third position in this ranking was held by Germany (X units), with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-14.7% per year) and Germany (-19.7% per year).

In value terms, China ($X), Japan ($X) and Germany ($X) constituted the largest textile weaving and knitting machinery suppliers to South Korea, with a combined 69% share of total imports. Italy, the United States, Vietnam and Switzerland lagged somewhat behind, together accounting for a further 11%.

The United States, with a CAGR of +9.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, reducing by -4.4% against the previous year. In general, the import price recorded a perceptible decline. The pace of growth was the most pronounced in 2018 an increase of 12% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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