Republic of Korea: Wood Milling Machine Market 2024

Wood Milling Machine Market Size in Republic of Korea

For the fourth consecutive year, the South Korean wood milling machine market recorded growth in sales value, which increased by 3.8% to $X in 2021. In general, consumption enjoyed a buoyant expansion. Wood milling machine consumption peaked in 2021 and is likely to continue growth in the near future.

Wood Milling Machine Production in Republic of Korea

In value terms, wood milling machine production rose modestly to $X in 2021 estimated in export price. Overall, production saw a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 64%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Wood Milling Machine Exports

Exports from Republic of Korea

In 2021, approx. X units of planing, milling or moulding machines were exported from South Korea; which is down by -79% on 2020. In general, exports showed a deep setback. The pace of growth appeared the most rapid in 2015 with an increase of 331% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood milling machine exports dropped rapidly to $X in 2021. Over the period under review, exports saw a deep reduction. The growth pace was the most rapid in 2015 when exports increased by 209%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for wood milling machine exports from South Korea, accounting for a 31% share of total exports. Moreover, wood milling machine exports to the United States exceeded the volume sent to the second major destination, Malaysia (X units), fivefold. Brazil (X units) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +56.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-5.5% per year) and Brazil (-12.5% per year).

In value terms, Russia ($X), Vietnam ($X) and the United States ($X) appeared to be the largest markets for wood milling machine exported from South Korea worldwide, with a combined 31% share of total exports.

The United States, with a CAGR of +69.8%, saw the highest rates of growth with regard to the value of exports, in terms of 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

The average wood milling machine export price stood at $X per unit in 2021, falling by -10% against the previous year. Overall, the export price, however, enjoyed a prominent increase. The growth pace was the most rapid in 2020 an increase of 274%. As a result, the export price reached the peak level of $X per unit, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to the United Arab Emirates ($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 Russia (+61.1%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Milling Machine Imports

Imports into Republic of Korea

In 2021, the amount of planing, milling or moulding machines imported into South Korea declined to X units, dropping by -5.6% compared with the previous year. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 324% against the previous year. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, wood milling machine imports soared to $X in 2021. In general, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 89%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X units) and Taiwan (Chinese) (X units) were the main suppliers of wood milling machine imports to South Korea.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +19.3%).

In value terms, China ($X), Taiwan (Chinese) ($X) and the United States ($X) were the largest wood milling machine suppliers to South Korea, together accounting for 62% of total imports.

Taiwan (Chinese), with a CAGR of +25.9%, recorded 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 mixed trend patterns.

Import Prices by Country

In 2021, the average wood milling machine import price amounted to $X per unit, growing by 31% against the previous year. Over the period under review, the import price, however, recorded a pronounced curtailment. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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