Republic of Korea: Threshing Machinery Market 2024

Threshing Machinery Market Size in Republic of Korea

The South Korean threshing machinery market amounted to $X in 2022, rising by 1.7% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt contraction. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Threshing Machinery Production in Republic of Korea

In value terms, threshing machinery production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Threshing Machinery Exports

Exports from Republic of Korea

In 2022, shipments abroad of threshing machinery except combine harvester-threshers was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 585%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, threshing machinery exports surged to $X in 2022. Over the period under review, exports enjoyed significant growth. The growth pace was the most rapid in 2015 with an increase of 687% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for threshing machinery exports from South Korea, accounting for a 81% share of total exports. Moreover, threshing machinery exports to China exceeded the volume sent to the second major destination, Ecuador (X units), more than tenfold. The third position in this ranking was held by Pakistan (X units), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +45.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+37.9% per year) and Pakistan (+31.8% per year).

In value terms, China ($X) remains the key foreign market for threshing machinery except combine harvester-threshers exports from South Korea, comprising 85% of total exports. The second position in the ranking was held by Egypt ($X), with a 5.5% share of total exports. It was followed by Ecuador, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+15.8% per year) and Ecuador (+19.9% per year).

Export Prices by Country

The average threshing machinery export price stood at $X per unit in 2022, reducing by -5% against the previous year. Over the period under review, the export price showed a noticeable downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 34%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per unit), while the average price for exports to Nigeria ($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 Egypt (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Threshing Machinery Imports

Imports into Republic of Korea

In 2022, approx. X units of threshing machinery except combine harvester-threshers were imported into South Korea; shrinking by -7.1% compared with the previous year. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 307% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, threshing machinery imports rose sharply to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 277% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest threshing machinery supplier to South Korea, accounting for a 67% share of total imports. Moreover, threshing machinery imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.4% per year) and Turkey (+41.4% per year).

In value terms, Japan ($X) constituted the largest supplier of threshing machinery except combine harvester-threshers to South Korea, comprising 62% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Japan amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.4% per year) and Turkey (+126.2% per year).

Import Prices by Country

In 2022, the average threshing machinery import price amounted to $X per unit, surging by 14% against the previous year. Overall, the import price, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2016 an increase of 56% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 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 Turkey ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+59.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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