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Machine Industry to Show Gradual Growth in 2H

According to a report on the machine industry’s trends in the first half of the year and forecast for the second half of 2013 released by a research society of the machine industry on Tuesday, the production of five machine industries is forecast to grow by 3.9 percent to reach KRW 2076.26 trillion year-on-year. The five machine industries refer to the general machinery, fabricated metal, electric machine, precision machinery and transportation machinery industries.

According to the report, industry production is expected to show clear growth in the second half of the year to reach KRW 974.59 trillion in the third quarter and KRW 1101.67 trillion in the fourth quarter.

The research society named Chinese investment recovery as the reason for the positive forecast. It analyzed that some indices, including China’s monthly industrial production, improved slightly, and inventories in the market are reduced.

As the machine industry shows signs of improvement with more construction and mining machinery exports to China, the research society expects the trade surplus to increase.

Korea’s exports and imports are forecast to reach USD 95.26 billion and USD 51.518 billion, respectively, in the second half of the year, according to the research society. The trade balance is expected to reach USD 43.688 billion in the second half of the year, increasing slightly from last year.

The society noted that the machinery industry will show gradual growth, with reduced inventories in the Chinese market and stable U.S. economy, but added that a low yen and slowed market and uncertainties in the Middle East will act negatively to inhibit Korea’s exports in the second half of the year.

Source Text

Source: Newsis (Aug. 6, 2013)

** This article was translated from the Korean.

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