The import of audio-electronic equipment to South Korea has shown considerable fluctuations over the past decade. In 2023, the import value stood at 0.98682 billion USD, reflecting a 1.3% year-on-year increase. Over the last two years, imports saw mixed variations with a notable 24.6% increase in 2021, followed by a slight decline in 2022 and a minor recovery in 2023. The five-year compound annual growth rate (CAGR) from 2019 to 2023 averaged at 1.84%, indicating a moderate growth trend.
Looking forward, forecast data from 2024 to 2028 suggests a steady increase in import values, with a five-year CAGR of 1.01% and an overall five-year growth rate of approximately 5.18%. This indicates a stable yet modest growth trajectory for the future.
Future trends to watch for:
- Technological advancements in audio-electronic equipment.
- Changes in consumer preferences towards high-quality, innovative audio devices.
- Potential economic factors influencing import policies and tariffs.
- Global supply chain dynamics and their impact on import volumes and values.