Republic of Korea: Metal Chain Parts Market 2024

Metal Chain Parts Market Size in Republic of Korea

The South Korean metal chain parts market dropped sharply to $X in 2022, shrinking by X% 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 recorded a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Metal Chain Parts Exports

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in shipments abroad of parts of chains of iron or steel, when their volume increased by X% to X tons. Over the period under review, exports posted a temperate increase. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, metal chain parts exports soared to $X in 2022. Overall, exports showed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bahrain (X tons) was the main destination for metal chain parts exports from South Korea, accounting for a X% share of total exports. Moreover, metal chain parts exports to Bahrain exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bahrain totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Singapore (X% per year).

In value terms, Bahrain ($X) emerged as the key foreign market for parts of chains of iron or steel exports from South Korea, comprising X% of total exports. The second position in the ranking was held by India ($X), with an X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the average metal chain parts export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price recorded a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 India ($X per ton), while the average price for exports to Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (X%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Chain Parts Imports

Imports into Republic of Korea

In 2022, purchases abroad of parts of chains of iron or steel increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, imports, however, showed a abrupt decrease. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, metal chain parts imports rose notably to $X in 2022. Over the period under review, imports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal chain parts to South Korea, with a X% share of total imports. Moreover, metal chain parts imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and the United States (X% per year).

In value terms, the largest metal chain parts suppliers to South Korea were China ($X), the United States ($X) and Germany ($X), with a combined X% share of total imports. Taiwan (Chinese), Sweden and Japan lagged somewhat behind, together accounting for a further X%.

Sweden, with a CAGR of X%, saw 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 more modest paces of growth.

Import Prices by Country

In 2022, the average metal chain parts import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2015 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Sweden ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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