Republic of Korea: Radio Receiver Market 2024

Radio Receiver Market Size in Republic of Korea

In 2022, the South Korean radio receiver market decreased by -4.6% to $X, falling for the fourth year in a row after two years of growth. Over the period under review, consumption showed a abrupt descent. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Radio Receiver Production in Republic of Korea

In value terms, radio receiver production stood at $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 43% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Radio Receiver Exports

Exports from Republic of Korea

In 2022, approx. X units of radio receivers were exported from South Korea; increasing by 14% on 2021 figures. Overall, exports showed modest growth. The growth pace was the most rapid in 2019 with an increase of 55%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, radio receiver exports soared to $X in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 48%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X units) was the main destination for radio receiver exports from South Korea, accounting for a 92% share of total exports. It was followed by Uzbekistan (X units), with a 2.4% share of total exports. India (X units) ranked third in terms of total exports with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +39.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+6.5% per year) and India (-13.3% per year).

In value terms, the United States ($X) remains the key foreign market for radio receivers exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a 2.4% share of total exports. It was followed by India, with a 0.9% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +44.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+8.8% per year) and India (-11.4% per year).

Export Prices by Country

In 2022, the average radio receiver export price amounted to $X per unit, increasing by 17% against the previous year. In general, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 93% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per unit) and Uzbekistan ($X per unit), while the average price for exports to China ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Radio Receiver Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in purchases abroad of radio receivers, when their volume increased by 19% to X units. Over the period under review, imports, however, saw a abrupt curtailment. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, radio receiver imports skyrocketed to $X in 2022. Overall, imports, however, recorded a abrupt curtailment. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Spain (X units) and Malaysia (X units) were the main suppliers of radio receiver imports to South Korea, together comprising 93% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +172.6%), while imports for the other leaders experienced a decline.

In value terms, China ($X), Spain ($X) and Malaysia ($X) appeared to be the largest radio receiver suppliers to South Korea, together comprising 94% of total imports.

Spain, with a CAGR of +189.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average radio receiver import price amounted to $X per unit, picking up by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2020 when the average import price increased by 12%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per unit) and Malaysia ($X per unit), while the price for China ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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