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From January to July this year, South Korea's cumulative new machine tool orders reached 203.24 billion won (about 11.509 billion yuan), an increase of 115.33%. In July, South Korea's new machine tool orders were 244.715 billion won (about 1.399 billion yuan), a decrease of 18.35% from the previous month and a year-on-year increase of 103.18%. KOMMA said that in the past two months, new orders for Korean machine tools have dropped significantly, and the trend may be higher and lower in the whole year.
In terms of imports, from January to July 2010, South Korea’s cumulative import of machine tools was worth 757 million U.S. dollars, a year-on-year increase of 25.54%. In July, South Korea imported machine tools worth $125 million, an increase of 6.18% from the previous month and an increase of 17.92% from the same period last year.
In terms of exports, from January to July this year, South Korea exported a total of 893 million US dollars of machine tools, an increase of 30.94%. Among them, in July, the export of machine tools was 169 million US dollars, an increase of 5.71% from the previous month and an increase of 92.05%. KOMMA indicated to the website that China is Korea's largest machine tool export market, and South Korean machine tool manufacturers intend to develop products suitable for Chinese users' needs, thereby expanding their market share in China.
New orders for Korean machine tools increased by 115.33% from January to July
According to the latest statistics released by the Korea Machine Tool Industry Association (KOMMA), from January to July 2010, the total value of Korean machine tools was 152.265 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), an increase of 1.57% from the previous month and a substantial increase of 113.04% from the same period last year.