South Korea's January-July machine tool trend is good to expand the Chinese market

The latest statistics released by the Korea Machine Tool Industry Association (KOMMA) show that from January to July 2010, South Korea's cumulative production of machine tools totaled 1,522.65 billion won (approximately 8.707 billion renminbi), an increase of 62.38% over the same period of last year. In July, the output value of Korean machine tools was 249.638 billion won (about 1.428 billion renminbi), which was an increase of 1.57% from the previous month and a significant increase of 113.04% year-on-year.

From January to July this year, South Korea's cumulative new machine tool orders reached 2,132.24 billion won (about 11.509 billion yuan), an increase of 115.33%. In the month of July, South Korea's new machine tool orders totaled 244.715 billion won (approximately 1.399 billion yuan), a decrease of 18.35% compared with the previous month and a year-on-year increase of 103.18%. KOMMA said that in the last two months, new orders for machine tools in South Korea have significantly declined, and may show highs and lows in the whole year.

In terms of imports, from January to July 2010, South Korea's cumulative value of imported machine tools was US$757 million, a year-on-year increase of 25.54%. In July, South Korea imported machine tools worth 125 million U.S. dollars, an increase of 6.18% from the previous quarter and an increase of 17.92% year-on-year.

In terms of exports, from January to July this year, South Korea exported machine tools totaling US$893 million, a year-on-year increase of 30.94%. Among them, in July, exports of machine tools 169 million US dollars, an increase of 5.71%, an increase of 92.05%. KOMMA told reporters that China is South Korea's largest machine tool export market, South Korea's machine tool manufacturers plan to develop products suitable for the needs of Chinese users, thereby expanding the market share in China.