From January to June 2021, the bilateral trade between China and South Korea was US$168.87 billion, a year-on-year increase of 28.5%. Among them, China's exports to South Korea were US$69.23 billion, a year-on-year increase of 33.1%; imports from South Korea were US$99.64 billion, a year-on-year increase of 25.6%.
From January to June 2021, South Korea invested in 1,248 projects in China, a year-on-year increase of 76.5%, and the actual foreign investment was 2.02 billion US dollars, a year-on-year increase of 42.9%.
From January to June 2021, the contract value of newly signed projects between China and South Korea was US$90.71 million, a year-on-year decrease of 77.2%; the completed turnover was US$110 million, a year-on-year decrease of 56.8%.
As two neighboring countries, China and South Korea have a natural foundation for economic and trade exchanges. At present, China is South Korea's largest foreign trade country. Due to the advanced industrial level in Korea, Dongqi Crane, as a Chinese crane supplier, has not yet opened up the Korean crane market. The Belanda is South Korea's largest source of crane imports. However, we believe that as China's industrial level becomes stronger and stronger, one day it will be possible to sell crane equipment made in China to the Korean market. Despite the current headwinds, it is important to study the crane market in South Korea. This article will analyze the market size and import and export data of overhead cranes in South Korea, and analyze the development and changes of the crane market in South Korea in 2022.
Before we start discussing the aerial crane market in South Korea, we have a few small questions that need to be answered first. Let’s take a look
In 2020, the South Korean bridge crane market fell to X dollars, down -X% year-on-year. Overall, consumption has shown a relatively flat trend pattern. The growth rate was most pronounced in 2017, with a year-on-year increase of X%. During the period under review, the market hit an all-time high of $X in 2008; however, from 2009 to 2020, consumption failed to regain momentum.
By value, the production of overhead cranes in 2020 is estimated at X dollars in export prices. However, production continued to show a relatively flat trend pattern during the period under review. The fastest growth in 2010, with an X% year-on-year increase in production. During the period under review, production hit an all-time high of $X in 2016; however, from 2017 to 2020, production failed to regain momentum.
In 2020, overseas shipments of fixed-support overhead cranes finally rose to X units after three years of decline. But overall, exports fell slightly. The most significant growth rate occurred in 2009, when exports increased by X% year-on-year. Exports peaked at X units in 2016; however, from 2017 to 2020, exports have remained low.
In value terms, 2020 overhead crane exports dropped significantly to $X. However, during the period under review, exports fell sharply. In 2009, the growth rate was the fastest, with exports increasing by X% over the previous year. During the period under review, exports hit an all-time high of $X in 2016; however, from 2017 to 2020, exports remained low.
Australia (X units) was the main destination for South Korean bridge crane exports, accounting for X% of total exports. In addition, three times as many overhead cranes were exported to Australia as to the second major destination, the Amerika Serikat (X units). Third in the ranking is Singapura (X units) with an X% share.
From 2007 to 2020, the average annual growth rate of freight traffic to Australia reached +X%. Exports to other major destinations recorded the following average annual export growth rates: the United States (+X% per annum) and Singapore (+X% per annum).
By value, the largest markets for overhead cranes exported from South Korea are Australia ($X), the United States ($X), and Indonesia ($X), which together account for X% of total exports.
In terms of major destination countries during the period under review, Australia (+X% per annum) experienced the highest growth in export value, while other leading countries experienced more moderate growth in shipments.
Overseas purchases of fixed-support overhead cranes fell -X% to X units in 2020, falling for the second consecutive year after two years of growth. Overall, however, imports continued to show modest growth. In 2008, the growth rate was the fastest, with an increase of X% year-on-year. Imports peaked at X units in 2009; however, from 2010 to 2020, import volumes have remained low.
Overhead crane imports fell sharply to $X in 2020 by value. But overall, imports have grown strongly. The fastest growth was recorded in 2008, with imports increasing by X% over the previous year. During the period under review, imports reached a maximum value of X dollars in 2009; however, from 2010 to 2020, imports decreased slightly.
In 2020, the Netherlands (X units) was the main overhead crane supplier to South Korea, accounting for about X% of total imports.
From 2007 to 2020, the average annual growth rate of sales in the Netherlands reached +X%.
The Netherlands ($X) is South Korea's largest supplier of overhead cranes by value.
From 2007 to 2020, the average annual value growth in the Netherlands was +X%.
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