Export for Machinery Industry Increased in June, Except for Metal Products

https://korean-machinery.com///inquiryIn June, the machinery industry has shown a small increase both in production and shipment. Export was up for all businesses except for metal products, import was also up except for transportation machines and metal products.

According to the Korea Association of Machinery Industry, production and shipment in the machinery industry increased 2.9% and 1.8%, respectively, compared to the same month of the previous year.

As for production, it increased in precision machines (27.7%), general machines (22.4%), electric machines (0.8%), but it decreased in the fields of metal products (-6.5%) and transportation machines (-4.9%).

The production increased mainly with semiconductor processing equipment for general machinery, electronic measuring instrument for precision machinery and ultrasonic cleaner for electric machinery, while the decrease came from marine metal structure for metal products and bulk ships for transportation machinery.

Shipment went up for precision machinery (28.1%), general machinery (21.8%), electric measuring instrument (1.8%), and it went down for transportation machinery (-6.3%) and metal products (-5.7%).

The shipment was up mainly with environment analysis instrument for precision machinery, semiconductor processing equipment for general machinery, lithium secondary battery pack for electric machinery, while it went down with bulk ships for transportation machinery and marine metal structure for metal products.

Inventory increased 7.1% in all businesses except for metal products compared to the same month of the previous year. It increased mainly with internal combustion engines for vehicles for transportation machinery, small refrigerators for electric machinery, integrating wattmeter for precision machinery and air purifiers for general machinery, whereas metal products decreased with springs.

In June, production and shipment in the machinery industry increased 4.4% and 3.2% respectively, except for shipbuilding. Compared with the same month of the previous year, export in the machinery industry for June increased by 12.6%, except for metal products, recording 22.97 billion dollars while import also increased 18.3% at 10.62 billion, resulting in 12.34 billion dollars surplus in trade balance.

More specifically, exports increased for precision machinery (23.1%), general machinery (19.5%), transportation machinery (17.7%) and electric machinery (4.3%), whereas it decreased for metal products (31.2%). Regionally, it increased in Asia (2.7%) and Europe (2.4%).

As for import, it increased for precision machinery (56.5%), general machinery (50.4%), electric machinery (16.6%), whereas it decreased for transportation machinery (-24.3%) and metal products (-7.9%). Regionally speaking, the import went up in Asia (31.7%), Europe (10.0%) and North America (1.7%). The export in the machinery industry, excluding shipbuilding, was recorded at US$ 15.7 billion (2.3%), and the import at US$ 10.45 billion (17.8%), therefore, the trade balance was in surplus with US$ 5.25 billion.

Export in the machinery industry excluding shipbuilding was recorded at US$ 6.08 billion (-3.6%), whereas import was at US$ 2.03 billion (-27.7%), therefore, trade balance was recorded at US$ 4.04 billion in surplus.

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

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