The import of harpsichords and keyboard stringed instruments to South Korea exhibited notable volatility from 2013 to 2023. The volume in 2023 stood at 270.61 thousand kilograms. The year-on-year variation over the last two years was relatively stable with a 2.09% increase in 2023 and a 0.17% increase in 2022. However, the average annual variation over the last five years from 2018 to 2023 presented a CAGR of 4.8%, indicating moderate growth.
Key figures to note:
- Year-on-year variation for 2022: 0.17%
- Year-on-year variation for 2023: 2.09%
- Spanning 2018 to 2023, the average annual growth rate (CAGR) was 4.8%
- Forecasted average annual growth rate (CAGR) from 2024 to 2028 is predicted at 1.44%
Future trends to watch for include:
- Potential steady growth due to renewed interest in traditional and classical music
- Possible impact of economic shifts in import policies affecting trade volume
- Technological innovations in musical instruments boosting demand
