Republic of Korea: Gouges And Chisels Market 2025

Gouges And Chisels Market Size in Republic of Korea

The South Korean gouges and chisels market reached $X in 2022, surging by 2.7% 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). The market value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Gouges and chisels consumption peaked at $X in 2018; afterwards, it flattened through to 2022.

Gouges And Chisels Exports

Exports from Republic of Korea

In 2022, approx. X tons of planes, chisels and gouges for working wood were exported from South Korea; with a decrease of -93% against the previous year's figure. In general, exports saw a sharp curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 2,371%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, gouges and chisels exports fell remarkably to $X in 2022. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 906% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg), Singapore (X kg) and Indonesia (X kg) were the main destinations of gouges and chisels exports from South Korea, with a combined 84% share of total exports. Canada, Hong Kong SAR, Vietnam and the United Arab Emirates lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +500.0%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for planes, chisels and gouges for working wood exports from South Korea, comprising 58% of total exports. The second position in the ranking was held by the United States ($X), with a 22% share of total exports. It was followed by Canada, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled +20,858.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+175.8% per year) and Canada (+20.1% per year).

Export Prices by Country

The average gouges and chisels export price stood at $X per ton in 2022, surging by 736% against the previous year. Over the period under review, the export price posted resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Singapore ($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 Hong Kong SAR (+3,393.0%), while the prices for the other major destinations experienced more modest paces of growth.

Gouges And Chisels Imports

Imports into Republic of Korea

In 2022, the amount of planes, chisels and gouges for working wood imported into South Korea fell to X tons, which is down by -11% on the previous year's figure. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 20% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, gouges and chisels imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 21% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gouges and chisels to South Korea, accounting for a 71% share of total imports. Moreover, gouges and chisels imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by the Czech Republic (X tons), with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.8% per year) and the Czech Republic (+66.4% per year).

In value terms, the largest gouges and chisels suppliers to South Korea were China ($X), Japan ($X) and the Czech Republic ($X), together comprising 74% of total imports.

In terms of the main suppliers, the Czech Republic, with a CAGR of +61.9%, saw the highest rates of growth with regard to the value of imports, 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 gouges and chisels import price amounted to $X per ton, increasing by 2% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The growth pace was the most rapid in 2017 an increase of 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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