China is still the largest exporter of Korean machine tools

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According to the latest statistics from the Korea Machine Tool Manufacturers Association (KOMMA), in November 2009, the production value of Korean machine tools was 179.82 billion won (100 yuan, about 16,663 won), a year-on-year increase of 46.61%, a slight increase of 0.3% year-on-year; Machine tool orders were 177.792 billion won, down 22.68% from the previous month and up 4.5% year-on-year. In the first 11 months of 2009, Korea’s cumulative machine tool orders reached 1,836.357 billion won, and the cumulative machine tool production value was 1,537,732 million won.

In terms of import and export, in November 2009, South Korea imported machine tools of US$120.52 million, a year-on-year increase of 35.61%, a year-on-year increase of 88.3%; and export of machine tools of US$105.11 million, a substantial increase of 124.3% from the previous month and an increase of 8.0% year-on-year. From January to November 2009, Korea’s cumulative import value of machine tools was US$969.08 million, and the cumulative export value of machine tools was US$1,074.9 million.

It can be seen that due to the global economic downturn, South Korea’s exports to the United States, Europe and emerging markets have decreased significantly, while exports to China have risen slightly. China is still the largest exporter of Korean machine tools.
 

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