South Korean machine tool orders surged in the first four months

In the Korean auto and parts, motors and electronics, general machinery and other domestic demand industries further recovery, as well as the continued growth of the world's markets, South Korea's machine tool orders in March saw a substantial increase, indicating strong market demand. Among them, South Korea's domestic orders for the month was 291.4 billion won, up 53.3% from the previous month; export orders were 234.1 billion won, up 16.4% from the previous month. In March 2011, the value of Korean machine tools was 295.7 billion won, a slight increase from the previous month's 244.2 billion won. 21.1%, an increase of 31.3% from the 225.1 billion won in March 2010. In the first quarter, Korea's cumulative production of machine tools totaled 781.7 billion won, an increase of 31.5% over the same period in 2010. According to the latest statistics provided by the Korea Machine Tool Manufacturers Association (KOMMA), in March 2011, Korean machine tool new orders were 525.5 billion won, up 34.3% from last year's 391.2 billion won, compared with 299.7 billion won in the same period last year. It increased by 75.3%. In the first quarter, South Korea's machine tools added a total of 1,288.5 billion yen, an increase of 77.5% year-on-year, which is the best quarter in the near future. In addition, in March, shipments of Korean machine tools were 293.8 billion won, an increase of 12.2% from the previous month. In the first quarter, the cumulative shipments of Korean machine tools were 798.2 billion won, a year-on-year increase of 45.7%. In terms of import and export trade, in March 2011, South Korea imported machine tools worth US$151 million, up 11.7% quarter-on-quarter and 22.8% year-on-year; exporting machine tools was US$176 million, up 12.6% from the previous month and up 55.8% year-on-year. In the first quarter, South Korea's cumulative import of machine tools was $423 million, an increase of 35.8% from $312 million in the same period in 2010; cumulative machine tools exported were $485 million, an increase of 67.7% from $289 million in the same period in 2010. With the import and export of machine tools maintained at a level of more than US$100 million for 10 consecutive months and 13 months respectively, the Korean machine tool trade achieved a trade surplus of US$62 million in the first quarter of 2011. China is the largest market for Korean machine tool exports. In the first quarter, South Korea exported 183 million US dollars worth of machine tools to China, up 51.1% year-on-year, accounting for 37.7% of its total exports, down 2.3 percentage points from 43% in 2010. The United States is South Korea's second largest export market, with exports to the US of US$58 million, a significant increase of 185.5% year-on-year, accounting for 12%. Germany ranked third with an export value of US$47 million, a sharp increase of 574.1% year-on-year and a share of 9.7%.  

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