Republic of Korea: Non-Combined Refrigerator-Freezer Market 2024

Non-Combined Refrigerator-Freezer Market Size in Republic of Korea

The South Korean non-combined refrigerator-freezer market rose slightly to $X in 2022, with an increase of 3.6% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.2% against 2020 indices. Non-combined refrigerator-freezer consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Non-Combined Refrigerator-Freezer Production in Republic of Korea

In value terms, non-combined refrigerator-freezer production rose modestly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 51%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Non-Combined Refrigerator-Freezer Exports

Exports from Republic of Korea

Non-combined refrigerator-freezer exports from South Korea fell to X units in 2022, dropping by -12.8% against the previous year's figure. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 68% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer exports soared to $X in 2022. Overall, exports recorded a noticeable contraction. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for non-combined refrigerator-freezer exports from South Korea, accounting for a 66% share of total exports. Moreover, non-combined refrigerator-freezer exports to the United States exceeded the volume sent to the second major destination, Japan (X units), eightfold. The third position in this ranking was taken by Nigeria (X units), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-7.7% per year) and Nigeria (+26.1% per year).

In value terms, the United States ($X) remains the key foreign market for household refrigerators and freezers (not combined) exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.5% share of total exports. It was followed by Canada, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.3% per year) and Canada (+24.4% per year).

Export Prices by Country

The average non-combined refrigerator-freezer export price stood at $X per unit in 2022, increasing by 73% against the previous year. Overall, the export price continues to indicate buoyant 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Denmark ($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 Saudi Arabia (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Combined Refrigerator-Freezer Imports

Imports into Republic of Korea

In 2022, overseas purchases of household refrigerators and freezers (not combined) decreased by -3.6% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, posted a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 67% against the previous year. Over the period under review, imports attained the peak figure at X units in 2021, and then reduced modestly in the following year.

In value terms, non-combined refrigerator-freezer imports reduced to $X in 2022. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 71% against the previous year. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, China (X units) constituted the largest non-combined refrigerator-freezer supplier to South Korea, accounting for a 77% share of total imports. Moreover, non-combined refrigerator-freezer imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+16.9% per year) and Vietnam (+100.3% per year).

In value terms, China ($X) constituted the largest supplier of household refrigerators and freezers (not combined) to South Korea, comprising 73% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +21.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.9% per year) and Vietnam (+102.0% per year).

Import Prices by Country

In 2022, the average non-combined refrigerator-freezer import price amounted to $X per unit, which is down by -5.9% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 25%. As a result, import price reached the peak level of $X per unit, and then fell in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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