Based on the historical data, the import of combine harvester-threshers to South Korea showed fluctuating trends with notable growth in specific years. From 2013 to 2023, the imports increased from 322 units to 675.86 units, indicating a general upward trend despite some variations. The year-on-year variations exhibited significant fluctuations, for instance, a notable growth of 34.03% in 2016 and a decline of 25.02% in 2017. The Compound Annual Growth Rate (CAGR) over the past five years was relatively modest, highlighting a stabilizing trend.
By 2023, the imports stood at 675.86 units, marking a gradual growth from previous years. Future forecasts show a steady increase, with imports expected to rise to 741.72 units by 2028. The forecasted 5-year CAGR is 1.47%, predicting a moderate growth rate of 7.56% over the five-year period.
Trends to watch for:
- Technological advancements in agricultural machinery.
- Changes in South Korea's agricultural policies and subsidies.
- Global supply chain dynamics impacting machinery imports.
- Economic factors affecting farmer's purchasing power.
