Korean machine tool exports in 2013 fell 13.4% year-on-year to US$2.21 billion. This is attributed to comparatively large declines in the Asian market, including China and India, as well as in the Latin American market, including Brazil, due to the growth slowdown of the global economy.
Exports to the United States in 2013 were sound compared with other regions, with the monthly export total exceeding US$200 million continuously through the second quarter, but weakened after entering the third quarter.
In the case of exports to Europe, uncertainties continued due to the European economic crisis. In the second half, however, exports to parts of the region, Germany, Italy, Russia, etc., grew, showing improvement.
In terms of exports by item, exports of both NC lathes and machining centers in 2013 decreased year-on-year, but exports of presses grew with automobile-related exports expanding to China, India, etc. Meanwhile, exports of boring machines, grinding machines, milling machines and general purpose lathes all recorded double-digit declines compared with 2012.