Hand Tools Market Overview in South Korea
Market Overview
In 2019, the South Korean hand tools market increased by 
% to $, rising for the sixth year in a row after two years of decline. Overall, the total consumption indicated resilient growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2018 with an increase of % against the previous year. Hand tools consumption peaked in 2019 and is expected to retain growth in the near future.
In value terms, hand tools production reached $ in 2019 estimated in export prices. Overall, the total production indicated a buoyant expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +% against 2012 indices. The most prominent rate of growth was recorded in 2008 with an increase of % year-to-year. Hand tools production peaked in 2019 and is expected to retain growth in the near future.
% to $, rising for the sixth year in a row after two years of decline. Overall, the total consumption indicated resilient growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2018 with an increase of % against the previous year. Hand tools consumption peaked in 2019 and is expected to retain growth in the near future.In value terms, hand tools production reached $
in 2019 estimated in export prices. Overall, the total production indicated a buoyant expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +% against 2012 indices. The most prominent rate of growth was recorded in 2008 with an increase of % year-to-year. Hand tools production peaked in 2019 and is expected to retain growth in the near future.Consumption
For the third consecutive year, South Korea recorded growth in consumption of hand tools, which increased by % to tonnes in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of % y-o-y. Hand tools consumption peaked in 2019 and is expected to retain growth in years to come.
The value of the hand tools market in South Korea amounted to $ in 2019, rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a resilient increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2018 when the market value increased by % y-o-y. Hand tools consumption peaked in 2019 and is expected to retain growth in the near future.
% to tonnes in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of % y-o-y. Hand tools consumption peaked in 2019 and is expected to retain growth in years to come.The value of the hand tools market in South Korea amounted to $
in 2019, rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a resilient increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2018 when the market value increased by % y-o-y. Hand tools consumption peaked in 2019 and is expected to retain growth in the near future.Market Forecast
Driven by increasing demand for hand tools in South Korea, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in 2019. South Korea domestic supply is expected to continue its growth.
% in 2007 to % in 2019. South Korea domestic supply is expected to continue its growth.Trade Balance
South Korea remains a net importer of hand tools; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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