Korean Machine Tool Industry Sees
Exports Surge 19.6 % to $1.3 Bln
The Korean machine tool industry posted $1.33 billion worth of exports last year to represent a 19.6 percent surge from 2004 and reached a new record high of export totals for the third straight year.
The Korean machine tool industry achieved a feat of surpassing the $1 billion export mark in 2004 after breaking the $10 million barrier in 1979 and $100 million in 1990.
During 2005, Korea exported $356 million worth of machine tool to China. China maintained its status as Korea's biggest machine tool market, exceeding Europe and the United States. Machine tool exports to China accounted for 26.8 percent of the total overseas shipments made during last year. The domestic machine tool industry witnessed its exports to China jumping from $112 million in 2002 to $356 million last year, representing a 218 percent surge. Korea's machine tool exports also registered a 127 percent climb for Europe and a 230 percent surge for the United States during the same period.
In the meantime, machine tool imports soared 14.5 percent from 2004 to $1.58 billion during 2005. High-performance machine tool imports from advanced countries increased along with semiconductor fabrication equipment imports. In particular, Korea imported foreign-made machine tool designed to raise production capacity in the automotive parts processing, electric/electronic/ telecommunication, and shipbuilding sectors.
Imports from machine tool powerhouses, Japan and Germany were sluggish, while low-priced imports from Taiwan and China surged. Chinese-made machine tool imports soared to $30 million, a more than twice-fold increase from $14 million in 2004, while imports from Taiwan rose 39 percent from $59 million in 2004 to $82 million in 2005. nw