Hand Tools Market Overview in South Korea
Market Overview
For the fifth year in a row, the South Korean hand tools market recorded growth in sales value, which increased by 
% to $ in 2019. In general, the total consumption indicated buoyant 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 2014 indices. The pace of growth appeared the most rapid in 2018 when the market value increased by % year-to-year. Hand tools consumption peaked in 2019 and is likely to continue growth in the immediate term.
In value terms, hand tools production contracted to $ in 2019 estimated in export prices. The total output value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2012 with an increase of % against the previous year. Over the period under review, production reached the peak level at $ in 2018, and then contracted in the following year.
% to $ in 2019. In general, the total consumption indicated buoyant 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 2014 indices. The pace of growth appeared the most rapid in 2018 when the market value increased by % year-to-year. Hand tools consumption peaked in 2019 and is likely to continue growth in the immediate term.In value terms, hand tools production contracted to $
in 2019 estimated in export prices. The total output value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2012 with an increase of % against the previous year. Over the period under review, production reached the peak level at $ in 2018, and then contracted in the following year.Consumption
In 2019, after three years of growth, there was significant decline in consumption of hand tools, when its volume decreased by -% to tonnes. Over the period under review, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the consumption volume increased by % y-o-y. Hand tools consumption peaked at tonnes in 2018, and then reduced in the following year.
The value of the hand tools market in South Korea rose significantly to $ in 2019, increasing 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). In general, the total consumption indicated a strong 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 2014 indices. The most prominent rate of growth was recorded in 2018 when the market value increased by % y-o-y. Over the period under review, the market attained the maximum level in 2019 and is likely to continue growth in the near future.
% to tonnes. Over the period under review, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the consumption volume increased by % y-o-y. Hand tools consumption peaked at tonnes in 2018, and then reduced in the following year.The value of the hand tools market in South Korea rose significantly to $
in 2019, increasing 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). In general, the total consumption indicated a strong 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 2014 indices. The most prominent rate of growth was recorded in 2018 when the market value increased by % y-o-y. Over the period under review, the market attained the maximum level in 2019 and is likely to continue 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 retain its current trend pattern, 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
In 2019, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review.
% in value terms and % in physical terms. The share of imports remained relatively constant over the period under review.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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