Republic of Korea: Refrigerator And Freezer Market 2024

Refrigerator And Freezer Market Size in Republic of Korea

The South Korean refrigerator and freezer market surged to $X in 2022, jumping by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Refrigerator and freezer consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refrigerator And Freezer Production in Republic of Korea

In value terms, refrigerator and freezer production rose slightly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refrigerator And Freezer Exports

Exports from Republic of Korea

After three years of growth, overseas shipments of refrigerators and freezers decreased by X% to X units in 2022. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of X units, and then reduced sharply in the following year.

In value terms, refrigerator and freezer exports reduced markedly to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then fell significantly in the following year.

Exports by Country

The United States (X units) was the main destination for refrigerator and freezer exports from South Korea, accounting for a X% share of total exports. Moreover, refrigerator and freezer exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold. The third position in this ranking was held by Australia (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerators and freezers exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average refrigerator and freezer export price amounted to $X per unit, jumping by X% against the previous year. Overall, the export price, however, saw a perceptible contraction. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per unit) and Canada ($X per unit), while the average price for exports to France ($X per unit) and Australia ($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 France (X%), while the prices for the other major destinations experienced a decline.

Refrigerator And Freezer Imports

Imports into Republic of Korea

In 2022, after eight years of growth, there was significant decline in supplies from abroad of refrigerators and freezers, when their volume decreased by X% to X units. In general, imports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports reached the maximum at X units in 2021, and then fell in the following year.

In value terms, refrigerator and freezer imports contracted to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator and freezer to South Korea, accounting for a X% share of total imports. Moreover, refrigerator and freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Vietnam (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Vietnam (X% per year).

In value terms, China ($X) constituted the largest supplier of refrigerators and freezers to South Korea, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2022, the average refrigerator and freezer import price amounted to $X per unit, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($X per unit) and Indonesia ($X per unit), while the price for Vietnam ($X per unit) and China ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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