The import of machinery for the rubber and plastics industry in South Korea saw considerable fluctuations from 2013 to 2023. Values peaked at $665.13 million in 2017 and saw a significant drop in 2020. However, there was a recovery in subsequent years, with the value standing at $654.16 million in 2023. Over the last two years, the year-on-year variations were modest, at 2.05% in 2022 and 1.96% in 2023. The CAGR from 2019 to 2023 was 2.79%, indicating a steady growth rate.
Future trends indicate a continued rise in imports with forecasted values reaching $720.01 million by 2028, representing an average annual CAGR of 1.51% over the next five years. Key trends to watch for include technological advancements in machinery and potential shifts in trade policies that could impact the import-export dynamics.
