Republic of Korea: Hedge Shear Market 2024

Hedge Shear Market Size in Republic of Korea

The South Korean hedge shear market expanded rapidly to $X in 2023, surging by X% against the previous year. Over the period under review, consumption posted a resilient expansion. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Hedge Shear Production in Republic of Korea

In value terms, hedge shear production stood at $X in 2023 estimated in export price. Overall, production showed a strong expansion. The growth pace was the most rapid in 2014 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Hedge Shear Exports

Exports from Republic of Korea

In 2023, hedge shear exports from South Korea skyrocketed to X tons, with an increase of X% compared with the previous year. In general, exports, however, recorded a deep contraction. The exports peaked at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, hedge shear exports skyrocketed to $X in 2023. Over the period under review, exports, however, recorded a pronounced descent. The exports peaked at $X in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for hedge shear exports from South Korea, with a X% share of total exports. Moreover, hedge shear exports to Saudi Arabia exceeded the volume sent to the second major destination, Sri Lanka (X tons), fourfold. China (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Saudi Arabia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and China (X% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for hedge shears and two-handed pruning shears exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by Sri Lanka, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Saudi Arabia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Sri Lanka (X% per year).

Export Prices by Country

In 2023, the average hedge shear export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped markedly in the following year.

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

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

Hedge Shear Imports

Imports into Republic of Korea

After two years of growth, purchases abroad of hedge shears and two-handed pruning shears decreased by X% to X tons in 2023. Overall, total imports indicated a resilient 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 increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, imports reached the peak of X tons, and then fell remarkably in the following year.

In value terms, hedge shear imports fell notably to $X in 2023. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest hedge shear supplier to South Korea, accounting for a X% share of total imports. Moreover, hedge shear imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with a X% share.

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

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest hedge shear suppliers to South Korea, with a combined X% share of total imports. Poland lagged somewhat behind, accounting for a further X%.

Poland, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2023, the average hedge shear import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 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 Poland ($X per ton), while the price for China ($X per ton) 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 more modest paces of growth.

Source: IndexBox Platform