Republic of Korea: Market for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers 2024

Market Size for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in Republic of Korea

The South Korean spindles and spindle flyer market skyrocketed to $X in 2022, jumping by 60% against the previous year. Overall, consumption, however, recorded a drastic downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in Republic of Korea

In value terms, spindles and spindle flyer production contracted to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 4.3%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Exports from Republic of Korea

In 2022, spindles and spindle flyer exports from South Korea declined rapidly to X tons, waning by -21% compared with 2021 figures. Over the period under review, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 425% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, spindles and spindle flyer exports dropped significantly to $X in 2022. In general, exports, however, posted a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of 126% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for spindles and spindle flyer exports from South Korea, accounting for a 95% share of total exports. It was followed by Indonesia (X tons), with a 1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +21.0%.

In value terms, Japan ($X) remains the key foreign market for spindles and spindle flyers, spinning ring and ring travellers exports from South Korea, comprising 29% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 6.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +10.0%.

Export Prices by Country

The average spindles and spindle flyer export price stood at $X per ton in 2022, shrinking by -7.8% against the previous year. Overall, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 an increase of 33%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+9.3%).

Imports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Imports into Republic of Korea

In 2022, supplies from abroad of spindles and spindle flyers, spinning ring and ring travellers increased by 34% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports, however, saw a abrupt slump. The growth pace was the most rapid in 2017 when imports increased by 150% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, spindles and spindle flyer imports surged to $X in 2022. Overall, imports, however, faced a drastic downturn. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Germany (X tons) were the main suppliers of spindles and spindle flyer imports to South Korea, with a combined 68% share of total imports. Vietnam, Taiwan (Chinese), Switzerland, Japan and the Czech Republic lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +94.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest spindles and spindle flyer suppliers to South Korea were Switzerland ($X), China ($X) and Germany ($X), together accounting for 61% of total imports. India, Japan, Taiwan (Chinese), the Czech Republic and Vietnam lagged somewhat behind, together accounting for a further 34%.

Among the main suppliers, Vietnam, with a CAGR of +88.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spindles and spindle flyer import price stood at $X per ton in 2022, picking up by 18% against the previous year. In general, the import price showed measured growth. The growth pace was the most rapid in 2013 when the average import price increased by 93% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained 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 Switzerland ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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