The Korean machine tool market grew substantially in the first four months of 2011

With the further recovery of domestic demand industries such as Korean automobiles and parts, motors and electronics, and general machinery, as well as the continuous growth of markets around the world, South Korean machine tool orders increased significantly in March this year, showing the strong market demand. Among them, domestic orders in South Korea were 291.4 billion won, an increase of 53.3% month-on-month; export orders were 234.1 billion won, an increase of 16.4% month-on-month In March 2011, South Korean machine tool new orders were 525.5 billion won, a month-on-month increase of 34.3%, a year-on-year increase 75.3%. In the first quarter, the cumulative new orders for Korean machine tools increased by 77.5% year-on-year, which was the best quarter in recent years. In terms of import and export trade, in the first quarter of 2011, South Korea imported a total of 423 million US dollars worth of machine tools, an increase of 35.8% over the same period of 2010 of 312 million US dollars; the cumulative export of machine tools was 485 million US dollars, an increase of 289 million US dollars over the same period in 2010. 67.7%. With the import and export of machine tools maintaining a monthly level of more than 100 million US dollars for 10 consecutive months and 13 months respectively, the Korean machine tool trade in the first quarter of 2011 achieved a trade surplus of 62 million US dollars. China is the largest market for Korean machine tool exports. In the first quarter, the value of South Korea's machine tool exports to China was US$183 million, a year-on-year increase of 51.1%, accounting for 37.7% of its total exports, a decrease of 2.3 percentage points from 43% in 2010. The United States is South Korea's second largest export market, with exports to the United States of US$58 million, a substantial increase of 185.5% year-on-year, accounting for 12% of the total. Germany ranked third, with an export value of US$47 million, a year-on-year increase of 574.1% and a share of 9.7%.