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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.