Republic of Korea: Working Wire Machine Market 2024

Working Wire Machine Market Size in Republic of Korea

For the fourth year in a row, the South Korean working wire machine market recorded growth in sales value, which increased by 128% to $X in 2021. In general, consumption recorded a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Working Wire Machine Production in Republic of Korea

In value terms, working wire machine production amounted to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2013 with a decrease of -21.6%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Working Wire Machine Exports

Exports from Republic of Korea

In 2021, working wire machine exports from South Korea reduced to X units, with a decrease of -6.5% compared with the previous year's figure. In general, exports continue to indicate a significant contraction. The most prominent rate of growth was recorded in 2015 with an increase of 829%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, working wire machine exports soared to $X in 2021. Overall, exports showed a dramatic setback. The pace of growth appeared the most rapid in 2015 when exports increased by 355% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X units) was the main destination for working wire machine exports from South Korea, with a 37% share of total exports. Moreover, working wire machine exports to South Africa exceeded the volume sent to the second major destination, Thailand (X units), fourfold. Iran (X units) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Africa stood at -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-19.4% per year) and Iran (-20.2% per year).

In value terms, Thailand ($X) emerged as the key foreign market for machines for working wire exports from South Korea, comprising 14% of total exports. The second position in the ranking was taken by Iran ($X), with a 4.7% share of total exports. It was followed by Vietnam, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value to Thailand totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-16.8% per year) and Vietnam (-43.1% per year).

Export Prices by Country

The average working wire machine export price stood at $X per unit in 2021, rising by 40% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 98%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to South Africa ($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 India (+71.8%), while the prices for the other major destinations experienced more modest paces of growth.

Working Wire Machine Imports

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas purchases of machines for working wire, which increased by 49% to X units in 2021. In general, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, working wire machine imports shrank to $X in 2021. Over the period under review, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -37.1% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 38%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of working wire machine to South Korea, with a 89% share of total imports. Moreover, working wire machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 2.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.1% per year) and Taiwan (Chinese) (-13.2% per year).

In value terms, the largest working wire machine suppliers to South Korea were China ($X), Taiwan (Chinese) ($X) and Japan ($X), with a combined 68% share of total imports.

China, with a CAGR of +43.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average working wire machine import price stood at $X per unit in 2021, dropping by -36.5% against the previous year. In general, the import price, however, enjoyed modest growth. The growth pace was the most rapid in 2013 when the average import price increased by 105% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a 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 Switzerland ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+37.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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