Republic of Korea: Electric Soldering Iron Market 2024

Electric Soldering Iron Market Size in Republic of Korea

The South Korean electric soldering iron market surged to $X in 2023, picking up by X% against the previous year. In general, consumption enjoyed prominent growth. Electric soldering iron consumption peaked at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Electric Soldering Iron Production in Republic of Korea

In value terms, electric soldering iron production amounted to $X in 2023 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume decreased by X% against the previous year. Electric soldering iron production peaked in 2023 and is likely to see steady growth in the near future.

Electric Soldering Iron Exports

Exports from Republic of Korea

In 2023, shipments abroad of electric soldering irons and guns increased by X% to X units for the first time since 2020, thus ending a two-year declining trend. In general, exports, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

In value terms, electric soldering iron exports rose sharply to $X in 2023. Over the period under review, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Iran (X units) was the main destination for electric soldering iron exports from South Korea, with a X% share of total exports. Moreover, electric soldering iron exports to Iran exceeded the volume sent to the second major destination, the United States (X units), more than tenfold. China (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Iran stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and China (X% per year).

In value terms, Iran ($X), Ecuador ($X) and China ($X) were the largest markets for electric soldering iron exported from South Korea worldwide, together comprising X% of total exports.

Ecuador, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average electric soldering iron export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price, however, showed a slight downturn. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Soldering Iron Imports

Imports into Republic of Korea

In 2023, after two years of decline, there was significant growth in supplies from abroad of electric soldering irons and guns, when their volume increased by X% to X units. In general, total imports indicated a mild increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Imports peaked at X units in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, electric soldering iron imports skyrocketed to $X in 2023. Overall, total imports indicated a noticeable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, Japan (X units) constituted the largest supplier of electric soldering iron to South Korea, accounting for a X% share of total imports. Moreover, electric soldering iron imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) constituted the largest electric soldering iron suppliers to South Korea, together accounting for X% of total imports. Mexico, Malaysia, Singapore, the UK and Germany lagged somewhat behind, together comprising a further X%.

Mexico, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electric soldering iron import price stood at $X per unit in 2023, growing by X% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, electric soldering iron import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of X%. Over the period under review, average import prices attained the maximum at $X per unit in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform