An expected low recovery trend of Korea’s machinery industry by global economic slowdown

The export of machine industries (excluding the shipping) in 2015 showed signs of reduction under the influence of intensifying competition in the overseas markets following the weak economic recovery of the US dollar and low Japanese yen while the Chinese economy was in a slump. In terms of the five major machine industries (excluding the shipping), the production, export, import and trade surplus recorded KRW450.8 trillion (1.0%), US$181.08 billion (-2.4%), US$100.44 billion (-0.4%) and US$80.64 billion, respectively.

In terms of general machinery out of five major machine industries, the production, export, import and trade surplus came to KRW101.6 trillion (0.6%), US$44.61 billion (-0.9%), US$34.13 billion (-5.0%) and US$10.48 billion, respectively.

In 2016, although the production and exports of the machine industries (excluding shipping) is expected to recover slightly if the economy of the United States, Europe and China stabilizes to a certain degree, it is anticipated that the recovery will be unsatisfactory for the time being on account of the uncertainty caused by the intensifying competition in the overseas market following the slump of the Chinese economy and low Japanese yen, the rise in the interest rate of the US dollar and the continuously low oil price.

It is expected 2016-03-09 09;53;36that in terms of five major machine industries (excluding shipping), the production, export, import and trade surplus will come to KRW458.9 trillion (1.8%), US$184.88 billion (2.1%), US$104.15 billion 3.7%) and US$80.73 billion, respectively.

It is expected that in terms of the general machinery out of five major machine industries, the production, export, import and trade surplus will amount to KRW103.0 trillion (1.4%), US$45.14 billion (1.2%), US$35.32 billion (3.5%) and US$9.82 billion, respectively.

korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods

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