Machine tools industry of Korea are significantly growing on international standard. Made in Korea machine tools with their fine quality are exported in many countries. According to the latest facts and figures of Korea Machine Tool Manufacturers Association (KOMMA), the output value of Korean machine tool is 230.527 billion won in May 2010 which is an increase of 202.311 billion won (increase rate 13.95%) from the previous month. The total value of Korean machine tools production was 1.027056 trillion won till 1st May 2010.
In May 2010, Korea exported U.S. $147 millions machine which was U.S. $128 millions last month. Its was increased by 15.19%. Total exports of Korea’s machine tools till May 2010 is U.S. $564 millions. Due to relatively slow economic recovery in Europe and the United States, Korea has not fully recovered machine tool exports and slow domestic demand pick up its pace.
At the present time, China is the largest export market for Korean machine tools. Machine tool manufacturers of Korea try to develop their tools in such a way that suit to the needs of Chinese customers which becomes the reason to expand Korean machine tools market in China. Other regions who are the major importers of made in Korea machine tools contains Africa, Central and South America, Eastern Europe, Middle East, Southeast Asia, etc.
