Republic of Korea: Plough Market 2024

Plough Market Size in Republic of Korea

The South Korean plough market soared to $X in 2022, jumping by 66% against the previous year. In general, consumption continues to indicate resilient growth. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Plough Production in Republic of Korea

In value terms, plough production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 26% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Plough Exports

Exports from Republic of Korea

In 2022, exports of ploughs for agricultural purposes from South Korea reduced notably to X units, with a decrease of -38.1% compared with the previous year's figure. Overall, exports recorded a pronounced descent. The growth pace was the most rapid in 2021 when exports increased by 357% against the previous year. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, plough exports plummeted to $X in 2022. Over the period under review, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 324%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Tanzania (X units), the Philippines (X units) and Kyrgyzstan (X units) were the main destinations of plough exports from South Korea, with a combined 45% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +42.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X), the Philippines ($X) and Japan ($X) were the largest markets for plough exported from South Korea worldwide, together accounting for 56% of total exports. Mozambique, China, Turkey, El Salvador, Egypt, India, Taiwan (Chinese), Kyrgyzstan, Saudi Arabia and Myanmar lagged somewhat behind, together comprising a further 34%.

Turkey, with a CAGR of +41.2%, recorded the highest growth rate of 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

In 2022, the average plough export price amounted to $X per unit, picking up by 7.9% against the previous year. Overall, the export price, however, continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2016 an increase of 29% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Kyrgyzstan ($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 Tanzania (+3.5%), while the prices for the other major destinations experienced a decline.

Plough Imports

Imports into Republic of Korea

In 2022, overseas purchases of ploughs for agricultural purposes increased by 4.1% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports enjoyed a modest expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 215%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, plough imports expanded significantly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by 208% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X units) constituted the largest plough supplier to South Korea, accounting for a 27% share of total imports. Moreover, plough imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Italy (X units) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.5% per year) and Italy (-5.8% per year).

In value terms, the largest plough suppliers to South Korea were Turkey ($X), China ($X) and Japan ($X), with a combined 39% share of total imports.

China, with a CAGR of +31.7%, 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 more modest paces of growth.

Import Prices by Country

The average plough import price stood at $X per unit in 2022, growing by 3% against the previous year. Over the period under review, the import price, however, continues to indicate a mild shrinkage. The growth pace was the most rapid in 2015 when the average import price increased by 42% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat 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 Japan ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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