The Korea Machine Tool Builders Association grows from a fast follower to a leader

by:Gewinn     2022-04-20
Seoul/Korea (js) - Thinking of Germany at night, thoughts flying - German poet Heinrich Heine. For the Apple executive of the smartphone and tablet pioneer, it was South Korea's Samsung that disturbed the calm of the night. The company relegated the California-based Cupertino giant to No. 2 in smartphones and portable tablets. The same is true in the machine tool industry. Korea has become the world's elite, not only relying on the concept of 'the price of silver, the quality of gold'. South Korea has grown from a 'fast follower to a leader,' says Jong Hyeon Sohn, chairman of the Korea Machine Tool Manufacturers Association (Komma). According to an analysis by US-based Gardner Publications, South Korea became the fourth largest machine tool maker in the world in 2012, and has already left Italy behind, which ranks fifth by a small margin. In 2012, 6.7 percent of world machine tool production was in South Korea, Gardner said. According to a report provided by the German Federal Trade and Invest (GTAI), South Korea ranks fifth in terms of machine tool sales and imports. In terms of exports, the Asian country ranks seventh in the world. According to reports, the value of machine tools produced by member companies of the Korea Machine Tool Manufacturers Association (Komma) is close to 3.5 trillion won, an increase of 1% compared to 2011. In the export market, its production grew by 7%; this sector has been unable to maintain the growth rate of the previous two years. According to the data, nearly 89% of machine tool production in the country in 2012 was cutting machine tools. Next is the production of machining centers, with an output value of 394 billion won. The number of orders received last year was not satisfactory, shrinking by 19% to 3.5 trillion won (about 2.4 billion euros). The decline was mainly due to excessive weakness in the domestic market, which fell 27.8 percent to 1.7 trillion won. On the other hand, overseas orders fell relatively modestly, down 8.1 percent to 1.8 trillion won. This year, the Manufacturers Association has forecast production growth of 5.1%. Growth drivers are expected to come from the automotive industry, machinery manufacturing, and computers and mobile phones. On the export side, Komma manufacturers expect increased demand from countries such as China, the United States, India, Turkey, Brazil and Indonesia.
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