Republic of Korea: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Republic of Korea

The South Korean market for forage harvesters and other harvesting machines shrank to $X in 2023, which is down by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2023, the growth of the market failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in Republic of Korea

In value terms, production of forage harvesters and other harvesting machines reduced to $X in 2023 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production of reached the peak level at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from Republic of Korea

Exports of forage harvesters and other harvesting machines from South Korea shrank sharply to X units in 2023, falling by X% against 2022. Overall, exports showed a precipitous setback. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports of hit record highs at X units in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, exports of forage harvesters and other harvesting machines dropped significantly to $X in 2023. Over the period under review, exports saw a significant decline. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of $X. From 2015 to 2023, the growth of the exports of remained at a lower figure.

Exports by Country

Mauritius (X units), Egypt (X units) and Japan (X units) were the main destinations of exports of forage harvesters and other harvesting machines from South Korea, together comprising X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mauritius (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X) emerged as the key foreign market for forage harvesters and other harvesting machines exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Mauritius ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Egypt stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mauritius (X% per year) and Japan (X% per year).

Export Prices by Country

In 2023, the average export price for forage harvesters and other harvesting machines amounted to $X per unit, declining by X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X%. As a result, the export price attained the peak level of $X per unit, and then reduced notably in the following year.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Egypt ($X per unit), while the average price for exports to Canada ($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 Mauritius (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports into Republic of Korea

In 2023, imports of forage harvesters and other harvesting machines into South Korea reduced markedly to X units, falling by X% on 2022 figures. In general, imports recorded a pronounced contraction. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. As a result, imports attained the peak of X units, and then fell remarkably in the following year.

In value terms, imports of forage harvesters and other harvesting machines contracted sharply to $X in 2023. Overall, imports recorded a noticeable contraction. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, imports of hit record highs at $X in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and Germany (X units) were the main suppliers of imports of forage harvesters and other harvesting machines to South Korea, with a combined X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest forage harvesters and other harvesting machines suppliers to South Korea were Japan ($X), Germany ($X) and China ($X), with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, 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

In 2023, the average import price for forage harvesters and other harvesting machines amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, average import prices reached the maximum at $X per unit in 2020; however, from 2021 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 Italy ($X per unit), while the price for China ($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 more modest paces of growth.

Source: IndexBox Platform