Record-High Export & Trade Surplus
Despite the overall recession at home and abroad, Korea registered record highs in machine tool exports and trade balance, reflecting the success of the nation’s global outreach initiatives.
Production Increases Thin 1.0% to 6.4 Trillion Won
The Korean production of machine tools in 2012 grew a meager 1.0% year-on-year to about 6.42 trillion won due to the combination of domestic and overseas economic slowdowns, following the European financial crisis and decline in facility investment related to new vehicles.
Regarding domestic demand in 2012, as economic instability factors impacted domestic manufacturing industries and the number of new vehicle model introductions declined significantly compared with the preceding year, facility investment by automotive manufacturers and business sentiment weakened remarkably. In contrast, exports grew in 2012, owing to good performance of manufacturing businesses in the United States and increases in exports to newly emerging countries like India, Turkey and Southeast Asia. The export growth contributed to maintaining the 201l level of domestic machine tool production.