Rising Exports of Machine Tools

Despite continued economic deterioration at home and abroad, recent exports of machine tools have shown rapid progress.

The Monthly Report of Machine Tool Statistics of the Korea Machine Tool Manufacturers Association revealed that Korea’s machine tools led exports to some regions including Russia, Indonesia, etc.—despite difficult conditions in the machine tools market in March, such as the global economic slowdown and deteriorating semiconductor industry conditions.

In addition, the exports of machine tool exports showed the highest performance in 64 months since November 2017 ($274 million).

Orders for machine tools in March were KRW 320.9 billion, down 0.9% year-on-year, but up 26.8% month-on-month.

Domestic orders increased 44.4% year-on-year to KRW 135.1 billion, while export orders decreased 19.3% year-on-year to KRW 185.8 billion. Orders from January to March of this year were KRW 829.9 billion, down 3.9% from the same period of last year.

Machine tool production in March was KRW 230.3 billion, down 3.3% year-on-year, but up 8.2% month-on-month. Exports of machine tools in the same month were up 25.1% year-on-year to $268 million, and up 30.0% month-on-month. In the same month, machine tool imports fell 25.6% year-on-year to $72 million, but up 13.6% month-on-month.

 
 
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