Republic of Korea: Market for Parts Of Harvester And Threshers 2024

Market Size for Parts Of Harvester And Threshers in Republic of Korea

After four years of growth, the South Korean market for parts of harvester and threshers decreased by -2.1% to $X in 2021. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell modestly in the following year.

Production of Parts Of Harvester And Threshers in Republic of Korea

In value terms, parts of harvester and threshers production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 28%. Over the period under review, production hit record highs at $X in 2020, and then reduced modestly in the following year.

Exports of Parts Of Harvester And Threshers

Exports from Republic of Korea

In 2021, parts of harvester and threshers exports from South Korea skyrocketed to X units, rising by 21% compared with 2020 figures. In general, exports, however, showed a drastic downturn. The growth pace was the most rapid in 2019 with an increase of 214%. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, parts of harvester and threshers exports soared to $X in 2021. Overall, exports, however, showed a perceptible shrinkage. The growth pace was the most rapid in 2019 when exports increased by 232%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Venezuela (X units), the United States (X units) and Australia (X units) were the main destinations of parts of harvester and threshers exports from South Korea, with a combined 52% share of total exports. These countries were followed by Egypt, Japan, Germany, Iraq, China, Brazil and Israel, which together accounted for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +111.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for parts of harvester and threshers exported from South Korea were Japan ($X), the United States ($X) and Germany ($X), with a combined 45% share of total exports. These countries were followed by Australia, Venezuela, Egypt, Iraq, China, Brazil and Israel, which together accounted for a further 18%.

Among the main countries of destination, Iraq, with a CAGR of +70.4%, recorded 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 parts of harvester and threshers stood at $X per unit in 2021, surging by 9.7% against the previous year. Overall, the export price showed a prominent increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in years to come.

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 Japan ($X per unit), while the average price for exports to Egypt ($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 Brazil (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Parts Of Harvester And Threshers

Imports into Republic of Korea

In 2021, the amount of parts of harvester and threshers imported into South Korea surged to X units, rising by 24% against 2020 figures. In general, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +11.1% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 36% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, parts of harvester and threshers imports soared to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.7% 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 +96.0% against 2016 indices. The most prominent rate of growth was recorded in 2015 with an increase of 39% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of parts of harvester and threshers to South Korea, with a 72% share of total imports. Moreover, parts of harvester and threshers imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+12.6% per year) and the United States (+7.0% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest parts of harvester and threshers suppliers to South Korea, together comprising 61% of total imports. These countries were followed by Ireland, France and Italy, which together accounted for a further 10%.

Ireland, with a CAGR of +21.7%, 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 more modest paces of growth.

Import Prices by Country

In 2021, the average import price for parts of harvester and threshers amounted to $X per unit, with an increase of 1.6% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 19% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($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 (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform