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Korea's Machine Tool Exports to Hit Eecord High This Year
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South Korea's machine tool exports are expected to reach a record high this year, fueled by improved product quality and steady overseas demand, the government said Thursday.

Exports of machine tools are likely to reach US$2.5 billion this year, with the country expected to log a surplus of $900 million in the machine tool sector, according to the Ministry of Knowledge Economy.

The country's annual exports of machine tools exceeded the $1 billion mark in 2005, posting a surplus in the machine tool sector.

The country suffered a deficit in 2003 with exports of machinery tools reaching $655 million and imports amounting to $983 million, according to the ministry.

The trade surplus in machine tools reached $510 million last year with exports reaching $2.3 billion, the ministry said.

The country's production of machine tools is likely to reach 6.6 trillion won, according to the ministry.

South Korea accounted for 6.1 percent of the $92.7-billion global machine tool market last year. China ranked first with a market share of 29.8 percent, followed by Japan with 19.8 percent and Germany with 14.6 percent, according to the ministry.

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Source: Yonhap News (Dec. 6, 2012)

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