Hand Tools Market Overview in South Korea
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.
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.