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S. Korea's general machinery export amount exceeds USD 50 billion

According to Yonhap News,

(SEJONG=Yonhap News) S. Korea's general machinery exports surpassed USD 50 billion for the first time, following semiconductors.

Ministry of Trade, Industry and Energy said yesterday that the annual export of general machinery including excavators, boilers and machinery tools totaled to such amount, according to its analysis conducted on 7th based on the data from Korea Customs Service.

The amount is a remarkable success of the general machinery industry since its surpassing of USD 40 billion in 2011.

General machinery has become the 4th industry to surpass the export amount of USD 50 billion, following semiconductors (2011), petroleum products (2011) and ships (2011).

By product, the export amount in total are: construction machinery USD 2.85 billion, with on-year increase of 19.9%; general machinery USD 2.85 billion, with on-year increase of 10.5%; metal works USD 2.66 billion, up 1.3%; agricultural machinery USD 680 million, up 8.4%; and HVAC machinery USD 3.41 billion, down 2.2% from last year.

In particular, this year's monthly exports exceeded USD 4 billion for nine consecutive months, just excluding February in which had Korean New Year's holidays.

The increase was due to the strong demand from the manufacturing and construction industries of Korea's main export markets, namely, China and the U.S., as well as the rising exports to newly emerging markets, namely, India.

By country, the amount of exports are as follows: China(USD 12.4 billion, up 23.6%); the U.S.(USD 8 billion, up 18.8%); the EU(USD 6.55 billion, up 22.6%); Vietnam(USD 3.48 billion, down 24.8%); Japan(USD 2.85, up 6.3%); and India(USD 2.29 billion, 57.2%), with increase in most cases.

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Source Text

Source: Yonhap News (December 13, 2018)

** This article was translated from Korean.

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