According to the latest statistics provided by the Korea Machine Tool Manufacturers Association (KOMMA), in October 2011, Korean new orders for machine tools were 290.288 billion won, down 6.01% from 308.858 billion won last month, compared with 317.15 billion won in October 2010. It also fell by 8.47%, which is the first time that the Korean machine tool industry has experienced a year-on-year decline in orders in the past 22 months.
From January to October 2011, the cumulative new orders for Korean machine tools totaled 3.76 trillion won, an increase of 31.32% from the 2.86 trillion won in the same period in 2010. In October, Korean machine tool orders fell for the first time in nearly 22 months.
Trends in new orders for Korean machine tools from January 2010 to October 2011
According to KOMMA statistics, in September, South Korea's domestic orders were 147.9 billion won, up 3.2% year-on-year. The growth drivers were mainly from the automotive industry and the company's expansion of investment in plants and equipment. In the same period, overseas machine tool orders amounted to 161 billion won. Significant growth of 45.6%.
Imports of machine tools continued to decline significantly, and exports continued to rise
In terms of import and export trade, in October, South Korea imported machine tools worth US$108 million, down 24.13% from the previous month and down 17.62% from the same period of last year; export machine tools were US$198 million, up 3.04% from the previous month and up 20.31% from the same period last year. From January to October, South Korea's cumulative import of machine tools was $1.502 billion, an increase of 31.48% from $1.142 billion in the same period in 2010; cumulative machine tools exported were $1.8 billion, an increase of 35.38% from $1.33 billion in the same period in 2010. In October, the import value of Korean machine tools continued to decline significantly, but the export volume continued to rebound slightly. From January to October 2011, South Korea's machine tool trade achieved a trade surplus of 299 million US dollars.
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