Korean machinery part

Korean machinery part makers to seek more aggressive advance into China market

A positive expectation is forming among Korean machinery circles that the recently concluded Korea-China FTA would be a factor generating benefit for them. According to the Korea Association of Machinery Industry (KOAMI), Korean companies will be likely to benefit from the FTA in terms of tariff rate – due to China’s average tariff rate (8.1%) is higher than that of Korea (6.6%).

As Korean-made machinery products have comparative advantages over those from China in terms of quality, the rate of Korean companies’ advance into Chinese market is expected to increase significantly in the medium-and longterm.

A spokesperson of the agency said “For most machinery products, China’s tariff rate is higher than that of Korea, so, if tariffs at the two sides are abolished at the same time, Korea will likely take advantage from it, but only export of lowpriced tools, parts and components is expected to gradually be increased because of China’s price competiveness.

Korean-machinery-part So, the need for expanding the technology gap with Chinese competitors is strongly emerging as an important issue Korean companies manufacturing low-priced machinery tools, parts and components to solve.

As of last year, China emerged as the world’s largest importer of Korean-made general machinery comprising 24.2% of Korea’s total machinery exports, but recently the balance of payments remains to be seen gradually decreased.

The following selected companies are some of Korea’s representative machinery part makers taking considerable dominance in the global market in their specific areas.

With keen interest from the Korean government and a governmental agency, they plan to elevate their more aggressive advance into the China market with an aim to increase the ratio of their market dominance than competitors worldwide, on the occasion of the recently concluded Korea-China FTA.

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

Special bolts & nuts

[INQ. NO. 1412M06] Hwasung Fastener has been providing special fasteners for meeting the specific industrial demands arising in domestic and foreign markets since its foundation in 1988, successfully developing and manufacturing different types of flour carbon coated fasteners, the nation’s first of its kind, and leading the technological trend and market share of the products.

Special-bolts-&-nutshttps://korean-machinery.com///inquiry The maker’s long-lasting items special bolts & nuts – stud bolt & nuts, anchor bolt & nuts – which all need ultra-low temperature and high pressure, are currently being widely used in various application fields of onshore/offshore facilities, energy (gas & oil) plants, nuclear power plants, thermal power plants, drill ship and construction equipment. For the production of those items, various materials – duplex & super duplex alloy steel, stainless steel, bronze & aluminum, and carbon steel – are being currently adopted.

Through its constant endeavors, the firm has now became one of the major enterprises manufacturing and supplying those key industrial parts, fully meeting different kinds of industrial standards -KS, JIS, BS, EN, DIN, ASTM, and ASME.

Hwasung Fastener is spurring its business by fulfilling the arising demands and requirements of customers especially in overseas markets in Indonesia, Malaysia, Vietnam, Singapore, Thailand, Brazil, Saudi Arabia and the United Kingdom, etc. continuously focusing on discovering new promising markets in the Middle East and South America, with the products in higher qualities.

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