A Group of Korean Textile Machinery Manufacturers to Scan Chinese Market

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At present, roughly 75% of the world’s textile machinery demand is generated by the Asian market, including China and some Southeast Asian counties, meaning the region is enjoying an activated market for textiles and related items.

South Korea has an approximate 5% share of the global textile machinery market. As for exports, the nation has achieved steady annual average growth of more than 10% with main items of embroidery machines, dyeing machines, importing spinning machines, and test equipment – since it recorded $821million in earnings in 2002.

The Korean textile machinery industry – which comprises mainly small and medium-sized companies with a ratio of 85%- is ever strengthening its focus on R&D in an attempt to gain more advantages over foreign competitors.

For obtaining higher-level technology competitiveness, the nation sets its top priority on development of IT-converged textile machinery and recently started development of IT& NT-converged high-tech products.

In order for Korean companies to effectively cope with the diverse demands of the global market, various marketing activities such as bolstering strategic items, group-level participation in overseas exhibitions, pioneering of new potential foreign markets are being carried out.

The South Korean textile industry sees a slightly improved competitiveness of the textile export due to the effectuation of the KORUS FTA, but also declining production of textile machinery due to a series of causes such as the weakened price competitiveness of Korean-made textile machinery and sluggish investment caused by the limited demand for equipment in the local market.

The export of Korean textile machinery is expected to maintain its steady decline, triggered by some negative factors including falling exchange rate, fierce competition, and global rival nations’ rising new investment. The import of high-value textile products including industrial textiles, special-purposes of textiles is on the rise – becauseof Korean buyers’ preference for the textile machinery manufactured abroad. The total imports are expected to continue to decline depending on some positive components of newly released high-quality Korean equipment, price competitiveness over those of advanced nations.

At the upcoming ITMA ASIA 2013, KOTMA(Korea Textile Machinery Association)supported a total of 24 Korean companies to promote their market-leading textile machinery and related solutions targeting mainland China and its neighboring regions. Korean exhibitors will examine whether the favorable environment for them to push ahead with their business plans will continue.

By Kim Min-su : Here

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