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S. Korea to conclude three free trade with China, Vietnam, and New Zealand

November 27, 2014 by Leave a Comment

Korean government is working to conclude further free trade agreements (FTA) with China, Vietnam, and New Zealand within this year in order to help domestic companies’ exports in the global market. The government is now under pressure to facilitate Korean companies’ exports to Vietnam while responding to China’s policy of growing its domestic market. Also, in a move to stay ahead of competitors, including Japan, the nation strategically already suggested a deal for an FTA with Vietnam.

A spokesperson responsible for the Korean government’s FTA policy noted “Conclusion of a Korea-China FTA within this year has great importance, given the fact that Chinese government is now swiftly changing its policy for economic growth from the export-based to local market-based. The conclusion of the FTA aims to secure early advantages in China’s domestic market.”

The Korean government estimates that once the Korea-China FTA is effectuated, Korea’s exports to China would increase from 5.4 percent to 5.5 percent and the nation’s gross domestic product (GDP) also should grow from 2.28 percent to 3.04 percent within 10 years after the effectuation, according to the level of trade concessions.

Between Korea and Vietnam, a trade agreement was concluded through the Korea-ASEAN FTA. But, Vietnam is a late participant in the FTA, so that the commodity group’s transition into a group in the tariff-free condition is scheduled to be carried out by 2020. And the percentage of the commodity group excluded from trade concessions is high. Now more than 3,300 Korean companies operate in Vietnam, and from the Vietnam side, elimination of tariffs between Korea and Vietnam is urgent as Korea comprises 30 percent of total exports.

The trade level between Korea and New Zealand is not so high, but it plays a big role for Korea not to lose its competitiveness in the area in a trade race between Korea and rival trade nations including China. China also enjoys nearly double increased exports ahead of effectuation after announcement of China-New Zealand FTA.

 
 
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Still too high degree of Korean economy’s trade dependence

November 27, 2014 by Leave a Comment

Amid concern over the continued global economic recession caused by Europe is increasingly high, the Korean economy’s dependence on the foreign market is still escalating. The trade dependence degree, which is calculated by dividing the commodity and service’s total amount of export and import with Gross National Income (GNI), reached over 100% on a three consecutive years and this year it still remains at a nearly unchanged level. It means that the Korean economy is still struggling to free itself from the fragile economic effects of external shocks, due to the larger scale of foreign transactions than that of the economy itself.

Korean-economy’s-trade-dependence

According to the Bank of Korea, the Korean economy’s continuing dependence on the global economy is attributable to export-based growth of Korean economy caused by prolonged domestic demand, sluggish after the global financial crisis. The government agency released its official forecast that the Korean economy’s still high dependence on foreign market will likely easily and much affected by the fluctuations of the global economy as it suffered before.

The Korean economy’s high dependence on foreign market is more prominent when compared to those of nations with similar size of economy. As of 2012, the export dependence degree of Korea (the world’s 14th largest economy) was 109,9%, exceeding the similar-sized global economies’ trade dependency degrees at that time(the 11th of Canada with 62.8%, 12th of Australia with 40.8%, 13th of Spain with 64.6%, and 15th of Mexico with 67.7%).

Even developed major countries’ trade dependence degrees on foreign market, such as the United States (30.4%), Japan (31.3%), France (57.1%), Italy (59.3%), and the UK (65.2%) are far lower than that of the Korean economy. Germany, a country having the highest trade dependence degree among developed nations, also remained at a lower level nations when compared to Korea’s.

Hyundai Research Institute recently said “The Korean economy’s high degree of trade dependence makes it highly vulnerable to external shock.” “Although the financial sector of foreign exchange reserves plays a role as safety valve against external shock, the Korean government needs to increase the ratio of domestic demand in GNI in a long-term and structured way.”

 
 
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Samsung Engineering’s strive for $10bn of engineering project

November 27, 2014 by Leave a Comment

Samsung Engineering is spurring in its action to enter into LNG liquefaction market. The engineering company was determined to try to win a bid for the Pacific Northwest(PNW) LNG in Canada, an ultra-scale of LNG terminal project with over $10bn of expected bid price and yearly of 1200million tons of production scale.

In recent LNG market, demand of LNG is swiftly growing at the result of development expansion of shale gas in the North America. So far, only few companies in the United States, Japan, Europe has been enjoying high profitability by forming cartel only among them and the LNG sale percentage in the Japanese companies nearly reached to 50percent.

Samsung Engineering since last June solely started its works for the Pre-FEED of the U.S.A Texas LNG project and is also scheduled to take a series of following steps including design during November this year. The president of the global engineering company recently noted that it will take-off toward a top-tier of integrated engineering company covering both ground and sea by integrating strengths between Samsung Engineering’s capacity on design, project management and Samsung Heavy’s capability on manufacturing.

 
 
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High popularity on SUVs in Korea would be lasted for the time being

November 27, 2014 by Leave a Comment

In Korea, popularity on sports utility vehicle(SUV) is growing day and day, backed by the spread of leisure culture including outdoor activity.

According to official data released by the Korea Automobile Manufacturers Association(KAMA), in the numbers of sold vehicles(94,834units) in September, SUV took 29.2percentage(a total of 27,688units) of total. It means 3units of the currently sold 10 vehicles are SUVs. The sale percentage of SUV, in the month, has been showed three months of consecutive growing pace following July(24.8%), August(25.7%).

The data said Kia Motor’s new version of Sorrento and Renault Samsung Motor’s QM3 has led the hot environment on SUVs. The new Sorrento first marked at the end of August recorded a top position in sale among Korean-made SUV models, with the nationwide sale record of 6,353units in September.

The rise in sale growth of new Sorrento is, for the time being, expected to be maintained due to high response from customers, with the pre-arranged 8,000units in October. Renault Samsung’s small SUV “QM3” was also sold 719units in September, also reflecting customers’ high preferences on it.

 
 
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Kia Motor to develop smartwatch

October 27, 2014 by Leave a Comment

Kia Motor to develop smartwatch

Kia Motors has recently started its working-level consultative talks for the development of a smartwatch that can change the temperature in a vehicle, start the engine and open or close doors, with a launch date set for next year. if the company succeeds in the development, it will become the world’s first maker to unveil a smartwatch that controls a cars’ major functions.

An official at Kia Motors recently said “We have recently launched the “K3 Watch” equipped with a smart key function, which has met a far better-thanexpected reception. “We set a major course of launching a wearable device in the likes of smartwatch next year as a successor to the K3 watch.”

The K3 Watch, which was unveiled on September 3, is a wristwatch that enables users to jumpstart the small-and mid-size sedan “K3”, or open and close the car’s doors. Kia Motors is the first Korean carmaker that embedded such functions into a wristwatch.

Kia Motors’ move to develop the car smartwatch syncing with a smartphone is seen as a strategy to tap the enthusiastic reception shown toward the K3 to take the lead in the wearable devices for cars. Kia Motors is scheduled to manufacture 1,500units of the K3 Watch and give them to buyers of the K3 car launched last month who apply for the smartwatch on a first-come, first-served basis.

 
 
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Sales of diesel cars expected to reach a record-high

October 27, 2014 by Leave a Comment

Sales of diesel cars expected to reach a record-high

Diesel car sales in South Korea will likely outdo 500,000 units for the first time this year. The number of newly registered diesel cars reached at 249,407 units between January and June in 2014, according to the recent official data released by the Korea Automobile Manufactures Association (KAMA). The number represents a 28.6percent jump from 193,935units during the same period a year ago.

In the light of the current sale pace, the number of registered diesel cars is forecast to top 500,000 units in 2014. This is because sales of imported diesel cars are increasing while domestic automakers are quick to enhance their sedan line-up. The number of registered diesel cars is sharply rising with 339,231 units in 2012 and 402,961 units in 2013.

Backed by increased sales of diesel cars, the overall sales of diesel cars also went up. As many as 395,540 cars were newly registered in the first half this year, up 17.0 percent from 338,051 units a year ago. The number of registered gasoline-powered car, meanwhile, came to 343,581 units in the first half this year, down 1.5 percent from 348,757 units compared to the same period a year ago. A spokesperson of the association noted, “overall cars sales in the first half grew 7.3 percent from last year, but most of the growth came from diesel cars.”

diesel-cars

 
 
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Voltage regulator for automotive alternator

October 27, 2014 by Leave a Comment

[INQ. NO. 1410M11] As a specialized firm of automotive electronic products, Genon Automotive Electronics was established after being spun-off from Daewoo Group, equipped with technological experience developed over a number of years on electronic components and human/physical networks as well.

Voltage-regulator-for-automotive-alternatorhttps://korean-machinery.com///inquiry This creative company manufactures alternator regulators & rectifiers for automotive. Current hot export destinations include the U.S.A, Japan, Russia, Egypt, Australia, Venezuela, etc.

This company has highly experienced engineers in their most 20 years in automotive manufacturing sectors. And the majority of its engineers have previously worked for Daewoo.

Now this company can provide various kinds of alternators, starter motors, and other auto parts especially for Korean-made cars.

It has now as many as 250 kinds of alternator regulators. The alternator regulator regulates the output voltage of generator for constant proper level of automotive battery voltage and sends a warning to drivers in a time when an abnormality occurs in the generator.

Most of its products are for Korean cars, but some are also manufactured for 20 nations including Japan, Russia, Turkey, Vietnam, Egypt, China, and the U.S.A. Growing markets for the company include Germany, Brazil, and Mongolia.

 
 
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Automotive gas springs

October 27, 2014 by Leave a Comment

[INQ. NO. 1410M10] Since 1998, Yo-Jung Metal has been a specialized foundation in gas springs and piston rods for using shockabsorbers. Domestically it is the only one manufacturing, polishing, and surface handling all core facilities.

As a result of various attempts toward enterprises that hold market dominating technology over its competitors, Yo-Jung Metal has succeeded in manufacturing more upgraded gas springs in terms of quality and price competitiveness.

Automotive-gas-springshttps://korean-machinery.com///inquiry The gas spring is mainly installed in automobiles’ tail gate and hood and helps door’s easy open and close. It is a very optimal device for big-sized thing’s cover and to allay the shock generated in a time when driver open and close door.

With built-in competitive functions, it allows the user to easily open, close and carry heavy doors and covers with less power. Such competitive features have resulted in such wide application as automobiles, railroads, agricultural machines, various industrial machinery, kitchen furniture and appliances, and office machines. Recently the gas spring started being used in various types of robots.

Automotive-gas-springs_1 The company has been striving to persistently secure market leadership with its top class products. As part of such moves, it has begun exploring potential foreign markets in anticipation of expanded business opportunities in cooperation with governmental agencies.

 
 
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Auto filters

October 27, 2014 by Leave a Comment

[INQ. NO. 1410M09] Since 1982, Yuil has shown its long tradition of filtration leadership and innovation. It continues to expand its product lines and services to meet emerging customers’ needs.

Its broad range of capabilities includes creating more efficient members of quality leading filtration family such as air, oil, fuel, and cabin filters; and arranging innovative technical options.

Auto-filtershttps://korean-machinery.com///inquiry Yuil is a specialized manufacturing company serving principally automotive filters and filtration market. As much as 80% of total revenue is generated from overseas/domestic auto filter markets and the remaining 20% from the application of these technologies to the industrial market.

In November 2006, Yuil achieved ISO/TS16949 firstly in this industry, and has maintained its thorough quality management. It was nominated as an OEM vendor of Honda Motors that requires one of the highest-quality performance standards in the world.

 
 
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Windshield wiper blade

October 27, 2014 by Leave a Comment

[INQ. NO. 1410M08] ADM21’s latest windshield wiping technology is being widely applied in making driving safer than ever. The maker’s most visually advanced wiper blade is the “flat” blade, which gives exceptional visibility. The absence of hinges and joints prevents the buildup of snow and ice, thus contributing to longer product lifespan.

https://korean-machinery.com///inquiryMore importantly, the precise tension of “flat” blades gives an accurate fit over the curvature of the windshield ensuring quiet, soft, and excellent wiping capabilities. The company has specialized in supplying the highest level wiper blade products, in terms of their excellent quality, well-priced, durability, sleek and robust design, actively exporting them to over 100 countries worldwide, especially to North America and the EU.

Windshield-wiper-blade Currently two main blade items – AB4 conventional blade, XF4 flat blade-are under mass-production for meeting the continuously rising demand especially in the local market. The company currently mass-produces conventional blades and flat blades, and hybrid blades combined with conventional blades and flat blades. There is also an all-In-One adaptor compatible with the existing arm and renowned automaker’s arm, which further enables the user to easily install it in its designated place regardless of the kinds of arm joints using one adapter. The full-fledged adaptor employs nano coating technology featuring highest-quality.

As one of the leading pioneers in the field, its exports have recently reached more than $50 million in sales volume, up slightly from the same period of last year.

ADM21 is a globally well-known top-level maker of automotive wipers. The CEO of the company uttered “About 90% of the manufactured products are currently exported to more than one hundred nations and especially we supply premium convention wipers to the U.S. market proving our reliability in technology.”

Now we invest nearly 10% of the yearly basis revenue on R&D against current and potentially anticipated deteriorated global market – based on the fact that the invest on R&D will eventually secure future competitiveness in spite of no guaranteeing of short-term profit.

He continued “There are three hundred kinds of finished products, two thousands and five hundreds of parts made by our technology. As the numbers of the required parts are less than those of other products and so, our products display high price competiveness along with superior durability. And our market share is higher than that of global companies including BOSCH.”

 
 
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