Exports Surge 10.8% to US$2.55 Billion
Exports in 2012 hit a historic high of US$2.55 billion, up 10.8% year-on-year, despite additional unstable factors in the global economy caused by the European financial crisis. Notwithstanding export declines to Europe due to the persistent eurozone financial crisis from beginning of the year, exports set a historic high record for the second consecutive year, thanks to machine tool facility investment growth by U.S. manufacturing businesses and maintenance of the previous year's level for exports of machine tools to China.
By year, exports realized over double-digit growth year-on-year for the third consecutive year since 2009, registering more than US$2 million for two straight years. By quarter, exports continued year-on-year growth for nine quarters until the second quarter of 2012, but declined since the third quarter.
In terms of items, exports in 2012 increased year-on-year for NC cutting machines (US$1.63 billion, 17.1%) and general-purpose cutting machines (US$175 million, 8.6%), but decreased for forming machines (US$742 million, -0.3%). Regarding the export of NC lathes (US$772 million, 11.6%), exports to the United States (US$272 million) accounted for 35.2% of the total and for machining centers (US$662 million, 37.3%), China (US$294 million) posted the highest ratio of 48.5%.
By region, over double-digit growth rates were achieved in exports to Asia (US$1.3 billion, 10.8%) and North America (US$494 million, 40.9%). However, exports declined to Europe (US$590 million, -7.0%) and Latin America (US$119 million, -22.4%).
In Asia, exports to China stayed at the previous year's level (US$738 million, 1.1%), but exports to Southeast Asia's newly emerging markets booked comparatively higher growth rates - India (US$204mil., 21,8%), Thailand (US$82.6 million, 43.5%), Vietnam (US$82.4 million, 159.5%) and Indonesia (US$54.8 million, 111.1%).
In Europe, exports fell year-on-year to Germany (US$127 million, -28.5%), Italy (US$72 million, -16.3%) and Russia (US$33.7 million, -8.4%), but comparatively significant growth rates were posted for exports to the U.K. (US$66.5 million, 24.9%) and newly emerging markets in Eastern Europe, including Turkey (US$97.2 million, 82.0%).