Republic of Korea: Wire And Cable Market 2024

Wire And Cable Market Size in Republic of Korea

The South Korean wire and cable market rose slightly to $X in 2023, growing by X% against the previous year. Overall, the total consumption indicated pronounced growth 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, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Wire And Cable Production in Republic of Korea

In value terms, wire and cable production rose modestly to $X in 2023 estimated in export price. In general, the total production indicated a pronounced expansion 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Wire And Cable Exports

Exports from Republic of Korea

In 2023, after three years of growth, there was decline in shipments abroad of insulated wire and cable, when their volume decreased by X% to X tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, wire and cable exports reduced to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The exports peaked at $X in 2022, and then shrank in the following year.

Exports by Country

The United States (X tons), China (X tons) and the Philippines (X tons) were the main destinations of wire and cable exports from South Korea, together comprising X% of total exports. Taiwan (Chinese), Vietnam, Japan, the Netherlands, Mexico, Singapore, Australia, Thailand, Hong Kong SAR and Kuwait lagged somewhat behind, together accounting for a further X%.

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

In value terms, the United States ($X), China ($X) and Vietnam ($X) were the largest markets for wire and cable exported from South Korea worldwide, together accounting for X% of total exports. The Philippines, Japan, Mexico, Taiwan (Chinese), Australia, the Netherlands, Singapore, Thailand, Hong Kong SAR and Kuwait lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, the Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, 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 wire and cable export price amounted to $X per ton, waning by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then fell modestly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Hong Kong SAR ($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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Wire And Cable Imports

Imports into Republic of Korea

After two years of growth, overseas purchases of insulated wire and cable decreased by X% to X tons in 2023. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2022, and then fell slightly in the following year.

In value terms, wire and cable imports dropped to $X in 2023. Overall, total imports indicated a strong expansion from 2012 to 2023: its value 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, imports increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of wire and cable to South Korea, accounting for a X% share of total imports. Moreover, wire and cable imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and the Philippines (X% per year).

In value terms, China ($X) constituted the largest supplier of insulated wire and cable to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by the Philippines, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and the Philippines (X% per year).

Import Prices by Country

In 2023, the average wire and cable import price amounted to $X per ton, declining by X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 an increase of X%. The import price peaked at $X per ton in 2022, and then shrank in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Vietnam ($X per ton), while the price for China ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform