Republic of Korea: Photo Camera Market 2024

Photo Camera Market Size in Republic of Korea

In 2022, after four years of growth, there was significant decline in the South Korean photo camera market, when its value decreased by -14.8% to $X. Overall, consumption, however, continues to indicate a strong expansion. As a result, consumption reached the peak level of $X, and then declined in the following year.

Photo Camera Exports

Exports from Republic of Korea

In 2022, overseas shipments of photographic (other than cinematographic) cameras increased by 268% to X units, rising for the second year in a row after two years of decline. In general, exports, however, recorded a relatively flat trend pattern. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, photo camera exports soared to $X in 2022. Over the period under review, exports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2018 with an increase of 86% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units), Vietnam (X units) and the United Arab Emirates (X units) were the main destinations of photo camera exports from South Korea, with a combined 40% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +36.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for photographic (other than cinematographic) cameras exports from South Korea, comprising 35% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+0.6% per year) and Vietnam (+23.2% per year).

Export Prices by Country

In 2022, the average photo camera export price amounted to $X per unit, with a decrease of -56.3% against the previous year. In general, the export price continues to indicate a noticeable reduction. The growth pace was the most rapid in 2017 when the average export price increased by 97%. Over the period under review, the average export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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 Indonesia ($X per unit), while the average price for exports to Canada ($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 Indonesia (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Photo Camera Imports

Imports into Republic of Korea

In 2022, after four years of growth, there was decline in overseas purchases of photographic (other than cinematographic) cameras, when their volume decreased by -1.2% to X units. Overall, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 259%. As a result, imports attained the peak of X units, and then shrank in the following year.

In value terms, photo camera imports shrank remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by 116%. As a result, imports attained the peak of $X, and then contracted rapidly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest photo camera supplier to South Korea, with a 83% share of total imports. Moreover, photo camera imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Japan (X units) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+141.7% per year) and Japan (+24.2% per year).

In value terms, China ($X) constituted the largest supplier of photographic (other than cinematographic) cameras to South Korea, comprising 46% of total imports. The second position in the ranking was held by Thailand ($X), with a 13% share of total imports. It was followed by Japan, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+98.0% per year) and Japan (+15.1% per year).

Import Prices by Country

The average photo camera import price stood at $X per unit in 2022, which is down by -25.9% against the previous year. Overall, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-7.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :