Republic of Korea: Harvesting Machinery Market 2024

Harvesting Machinery Market Size in Republic of Korea

In 2021, the South Korean harvesting machinery market increased by 3.5% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Harvesting Machinery Production in Republic of Korea

In value terms, harvesting machinery production declined slightly to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 29%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Harvesting Machinery Exports

Exports from Republic of Korea

In 2021, after two years of growth, there was significant decline in overseas shipments of root or tuber harvesting machines, when their volume decreased by -89.6% to X units. Overall, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 with an increase of 450%. Over the period under review, the exports reached the peak figure at X units in 2020, and then contracted significantly in the following year.

In value terms, harvesting machinery exports contracted sharply to $X in 2021. Over the period under review, exports saw a dramatic decline. The most prominent rate of growth was recorded in 2014 when exports increased by 227%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Australia (X units) was the main destination for harvesting machinery exports from South Korea, with a 43% share of total exports. Moreover, harvesting machinery exports to Australia exceeded the volume sent to the second major destination, Japan (X units), threefold. The third position in this ranking was taken by the United States (X units), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Australia stood at +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (0.0% per year) and the United States (-11.5% per year).

In value terms, Australia ($X) remains the key foreign market for root or tuber harvesting machines exports from South Korea, comprising 66% of total exports. The second position in the ranking was held by Japan ($X), with a 9.1% share of total exports. It was followed by Egypt, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value to Australia amounted to +26.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-12.3% per year) and Egypt (-10.4% per year).

Export Prices by Country

The average harvesting machinery export price stood at $X per unit in 2021, shrinking by -11.7% against the previous year. In general, the export price faced a abrupt setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 38% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Cambodia ($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 Australia (+4.9%), while the prices for the other major destinations experienced a decline.

Harvesting Machinery Imports

Imports into Republic of Korea

In 2021, after three years of growth, there was significant decline in supplies from abroad of root or tuber harvesting machines, when their volume decreased by -75% to X units. Over the period under review, imports showed a abrupt setback. The growth pace was the most rapid in 2018 with an increase of 350% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, harvesting machinery imports declined remarkably to $X in 2021. Overall, imports showed a deep reduction. The growth pace was the most rapid in 2018 with an increase of 250%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X units) and Italy (X units) were the main suppliers of harvesting machinery imports to South Korea. Moreover, harvesting machinery imports in Japan exceeded the figures recorded by the second-largest supplier, Italy, twofold.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of -9.7%).

In value terms, Japan ($X) constituted the largest supplier of root or tuber harvesting machines to South Korea, comprising 91% of total imports. The second position in the ranking was held by Italy ($X), with a 6.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-7.3% per year) and China (-3.5% per year).

Import Prices by Country

In 2021, the average harvesting machinery import price amounted to $X per unit, surging by 13% against the previous year. In general, the import price saw prominent growth. The pace of growth appeared the most rapid in 2013 when the average import price increased by 129% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+72.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :