From January to July, new orders for Korean machine tools increased by 115.33% year-on-year

According to the latest statistics released by the Korea Machine Tool Industry Association (KOMMA), from January to July 2010, the total value of machine tools produced in South Korea was 1,522.665 billion won (about 8.707 billion yuan), an increase of 62.38% over the same period last year. In July, the output value of Korean machine tools was 249.738 billion won (about 1.428 billion yuan), a month-on-month increase of 1.57% and a year-on-year increase of 113.04%. From January to July this year, South Korea's cumulative new machine tool orders reached 2,013.24 billion won (about 11.509 billion yuan), a year-on-year increase of 115.33%. In the single month of July, South Korea's new machine tool orders were 244.715 billion won (about 1.399 billion yuan), down 18.35% month-on-month and up 103.18% year-on-year. KOMMA said that in the past two months, new orders for Korean machine tools have dropped significantly, and the whole year may show a trend of highs and lows. In terms of imports, from January to July 2010, South Korea imported a total of 757 million US dollars worth of machine tools, a year-on-year increase of 25.54%. In July, South Korea imported 125 million US dollars of machine tools, an increase of 6.18% month-on-month and a year-on-year increase of 17.92%. In terms of exports, from January to July this year, South Korea exported a total of 893 million US dollars of machine tools, a year-on-year increase of 30.94%. Among them, in July, the export of machine tools was 169 million US dollars, an increase of 5.71% month-on-month and a year-on-year increase of 92.05%. KOMMA told Adsale Machinery and Metalworking Network that China is Korea's largest export market for machine tools, and Korean machine tool manufacturers plan to develop products that suit the needs of Chinese users, thereby expanding their market share in China.