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S. Korea's machinery exports top US$50 bln mark for 2nd year

According to Yonhap News,

SEOUL, Dec. 29 (Yonhap) -- South Korea's annual exports of machinery surpassed the US$50 billion threshold, data showed Sunday, standing as the second-largest export item for Asia's No. 4 economy after semiconductors.

The country's outbound shipments of general machinery are estimated at $52.5 billion this year, according to the Ministry of Trade, Industry and Energy.

The country's machinery exports surpassed the mark for the first time last year by shipping $53.5 billion, up 10 percent from a year earlier.

Machines are the second-largest export product for South Korea, next to chips, which are estimated to hit $95.3 billion this year, down 25 percent from 2018, according to an outlook by the Korea International Trade Association.

While South Korea's exports of machinery fell in most areas, including China and the United States, the rise was attributable to the sharp increase in demand from Kazakhstan.

Exports of machinery to the Central Asian country shot up a whopping 560 percent following rising demand for its oil reserve development projects.

"It is significant that the machinery segment posted exports above $50 billion for the second consecutive year amid the trade dispute between the United States and China," an official from the ministry said. "South Korea will continue to beef up the competitiveness of the area next year."

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Source: Yonhap News (Dec. 29, 2019)

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