Republic of Korea: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in Republic of Korea

The South Korean machine-tool for removing material market declined remarkably to $X in 2021, reducing by -75.3% against the previous year. Overall, consumption faced a sharp downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Machine-Tools For Working Any Material By Removal Of Material in Republic of Korea

In value terms, machine-tool for removing material production amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2015 when the production volume increased by 72%. Machine-tool for removing material production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from Republic of Korea

In 2021, shipments abroad of machine-tools for working any material by removal of material was finally on the rise to reach X units after three years of decline. In general, exports showed resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 144% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, machine-tool for removing material exports soared to $X in 2021. Overall, exports continue to indicate resilient growth. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X units) was the main destination for machine-tool for removing material exports from South Korea, accounting for a 49% share of total exports. Moreover, machine-tool for removing material exports to Vietnam exceeded the volume sent to the second major destination, the United States (X units), sixfold. China (X units) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +38.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+3.9% per year) and China (+13.7% per year).

In value terms, China ($X) remains the key foreign market for machine-tools for working any material by removal of material exports from South Korea, comprising 29% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.6% per year) and Vietnam (+29.1% per year).

Export Prices by Country

The average machine-tool for removing material export price stood at $X per unit in 2021, with an increase of 67% against the previous year. In general, the export price saw a relatively flat trend pattern. The export price peaked at $X per unit in 2015; however, from 2016 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 Taiwan (Chinese) ($X per unit), while the average price for exports to Pakistan ($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 Taiwan (Chinese) (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into Republic of Korea

In 2021, machine-tool for removing material imports into South Korea declined sharply to X units, dropping by -59.1% compared with 2020 figures. Over the period under review, imports recorded a pronounced downturn. The pace of growth appeared the most rapid in 2017 with an increase of 83%. Imports peaked at X units in 2020, and then declined markedly in the following year.

In value terms, machine-tool for removing material imports skyrocketed to $X in 2021. Overall, 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 increased by +55.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 81%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest machine-tool for removing material supplier to South Korea, with a 75% share of total imports. Moreover, machine-tool for removing material imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), more than tenfold. The third position in this ranking was held by Finland (X units), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+37.4% per year) and Finland (+24.4% per year).

In value terms, the largest machine-tool for removing material suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), together accounting for 66% of total imports. These countries were followed by Singapore, Switzerland, Thailand, the United States, Taiwan (Chinese), Finland and the Netherlands, which together accounted for a further 15%.

Finland, with a CAGR of +18.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average machine-tool for removing material import price amounted to $X per unit, rising by 238% against the previous year. Over the period under review, the import price posted a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+51.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :