Price for Tractors; (Other than Tractors of Heading No 8709) in South Korea - 2022
Contents:
- Price for Tractors; (Other than Tractors of Heading No 8709) in South Korea (FOB) - 2022
- Price for Tractors; (Other than Tractors of Heading No 8709) in South Korea (CIF) - 2022
- Exports of Tractors; (Other than Tractors of Heading No 8709) in South Korea
- Imports of Tractors; (Other than Tractors of Heading No 8709) in South Korea
Price for Tractors; (Other than Tractors of Heading No 8709) in South Korea (FOB) - 2022
In December 2022, the average export price for tractors; (other than tractors of heading no 8709)s amounted to $13,781 per unit, flattening at the previous month. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in January 2022 an increase of 8.1% m-o-m. The export price peaked at $14,282 per unit in August 2022; afterwards, it flattened through to December 2022.
Average prices varied somewhat for the major export markets. In December 2022, the highest price was recorded for prices to the Netherlands ($17,243 per unit) and Australia ($15,671 per unit), while the average price for exports to the United States ($13,141 per unit) and Canada ($13,668 per unit) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+2.2%), while the prices for the other major destinations experienced mixed trend patterns.
Price for Tractors; (Other than Tractors of Heading No 8709) in South Korea (CIF) - 2022
The average import price for tractors; (other than tractors of heading no 8709)s stood at $48,902 per unit in December 2022, shrinking by -10.5% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +2.0%. The pace of growth appeared the most rapid in March 2022 when the average import price increased by 18% against the previous month. The import price peaked at $59,189 per unit in June 2022; however, from July 2022 to December 2022, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Spain ($119K per unit), while the price for Japan ($26,100 per unit) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Tractors; (Other than Tractors of Heading No 8709) in South Korea
Exports of tractors; (other than tractors of heading no 8709)s from South Korea rose rapidly to 94K units in 2022, increasing by 11% against the previous year's figure. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 54% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.
In value terms, exports of tractors; (other than tractors of heading no 8709)s surged to $1.3B in 2022. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 53% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.
| Export of Tractors; (Other than Tractors of Heading No 8709) in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 420 | 520 | 798 | 1,003 | 33.7% |
| Canada | 16.4 | 25.7 | 43.6 | 49.8 | 44.8% |
| Australia | 13.8 | 23.0 | 39.0 | 40.8 | 43.5% |
| Netherlands | 8.1 | 7.6 | 12.2 | 20.0 | 35.2% |
| Germany | 13.4 | 17.9 | 23.2 | 15.2 | 4.3% |
| Others | 169 | 119 | 174 | 151 | -3.7% |
| Total | 641 | 713 | 1,089 | 1,280 | 25.9% |
Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from South Korea in 2022:
- United States (77.7K units)
- Canada (3.7K units)
- Australia (2.4K units)
- Netherlands (1.5K units)
- Germany (1.1K units)
Imports of Tractors; (Other than Tractors of Heading No 8709) in South Korea
In 2022, the amount of tractors; (other than tractors of heading no 8709)s imported into South Korea declined slightly to 6.8K units, waning by -2.7% on 2021. The total import volume increased at an average annual rate of +6.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 42%. As a result, imports attained the peak of 7K units, and then shrank in the following year.
In value terms, imports of tractors; (other than tractors of heading no 8709)s declined modestly to $394M in 2022. Overall, total imports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +10.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +36.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 43% against the previous year. As a result, imports attained the peak of $413M, and then declined slightly in the following year.
| Import of Tractors; (Other than Tractors of Heading No 8709) in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 79.1 | 80.9 | 121 | 121 | 15.2% |
| Japan | 64.1 | 69.6 | 82.8 | 78.8 | 7.1% |
| Sweden | 60.6 | 48.3 | 74.1 | 72.9 | 6.4% |
| France | 15.9 | 7.2 | 37.5 | 53.4 | 49.8% |
| Netherlands | 38.3 | 53.6 | 48.8 | 15.5 | -26.0% |
| United Kingdom | 1.4 | 5.5 | 14.5 | 12.0 | 104.7% |
| Italy | 8.6 | 8.3 | 9.0 | 9.7 | 4.1% |
| China | 3.7 | 4.3 | 9.4 | 2.8 | -8.9% |
| United States | 2.8 | 0.8 | 1.5 | 1.2 | -24.6% |
| Others | 18.7 | 10.7 | 14.4 | 27.1 | 13.2% |
| Total | 293 | 289 | 413 | 394 | 10.4% |
Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to South Korea in 2022:
- Japan (2576.0 units)
- Germany (1734.0 units)
- Sweden (894.0 units)
- France (674.0 units)
- Netherlands (192.0 units)
- United Kingdom (182.0 units)
- Italy (140.0 units)
- China (93.0 units)
- United States (85.0 units)
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