Republic of Korea: Market for Non-Domestic Percolators and Equipment For Cooking Or Heating Food 2024

Market Size for Non-Domestic Percolators and Equipment For Cooking Or Heating Food in Republic of Korea

The South Korean market for non-domestic percolators and equipment for cooking or heating food surged to $X in 2022, with an increase of 21% against the previous year. Over the period under review, consumption showed a remarkable increase. Consumption of peaked in 2022 and is likely to see gradual growth in the immediate term.

Production of Non-Domestic Percolators and Equipment For Cooking Or Heating Food in Republic of Korea

In value terms, production of non-domestic percolators and equipment for cooking or heating food reduced to $X in 2022 estimated in export price. Over the period under review, production, however, posted a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 101%. As a result, production attained the peak level of $X. From 2020 to 2022, production of growth failed to regain momentum.

Exports of Non-Domestic Percolators and Equipment For Cooking Or Heating Food

Exports from Republic of Korea

In 2022, shipments abroad of non-domestic percolators and equipment for cooking or heating food increased by 84% to X units, rising for the second consecutive year after two years of decline. Overall, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +109.7% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of non-domestic percolators and equipment for cooking or heating food skyrocketed to $X in 2022. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.7% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), China (X units) and Myanmar (X units) were the main destinations of exports of non-domestic percolators and equipment for cooking or heating food from South Korea, with a combined 40% share of total exports. Vietnam, Saudi Arabia, France, American Samoa, Japan, Russia, India, Malaysia, the Philippines and Taiwan (Chinese) lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +90.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Vietnam ($X) were the largest markets for non-domestic percolators and equipment for cooking or heating food exported from South Korea worldwide, together comprising 43% of total exports. Saudi Arabia, France, American Samoa, Japan, Russia, India, Malaysia, the Philippines, Taiwan (Chinese) and Myanmar lagged somewhat behind, together accounting for a further 38%.

France, with a CAGR of +196.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for non-domestic percolators and equipment for cooking or heating food amounted to $X per unit, declining by -15% against the previous year. Over the period under review, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for non-domestic percolators and equipment for cooking or heating food decreased by -30.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 45%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Myanmar ($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 France (+55.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Domestic Percolators and Equipment For Cooking Or Heating Food

Imports into Republic of Korea

In 2022, imports of non-domestic percolators and equipment for cooking or heating food into South Korea soared to X units, growing by 100% on 2021 figures. Over the period under review, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of non-domestic percolators and equipment for cooking or heating food surged to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 32%. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Italy (X units) constituted the largest non-domestic percolators and equipment for cooking or heating food supplier to South Korea, with a 41% share of total imports. Moreover, imports of non-domestic percolators and equipment for cooking or heating food from Italy exceeded the figures recorded by the second-largest supplier, Switzerland (X units), twofold. Germany (X units) ranked third in terms of total imports with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+19.3% per year) and Germany (+9.4% per year).

In value terms, Italy ($X) constituted the largest supplier of non-domestic percolators and equipment for cooking or heating food to South Korea, comprising 41% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 17% share of total imports. It was followed by Germany, with a 9% share.

From 2012 to 2022, the average annual growth rate of value from Italy stood at +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+12.0% per year) and Germany (+2.7% per year).

Import Prices by Country

The average import price for non-domestic percolators and equipment for cooking or heating food stood at $X per unit in 2022, declining by -37.9% against the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 50% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per unit) and Switzerland ($X per unit), while the price for Japan ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform