S. Korea's machine tool exports hit record high in July

SEOUL, Aug. 31 (Yonhap) -- South Korea's machine tool exports surged to a record high of US$229.3 million in July, fueled by improved product quality and steady overseas demand, an industry report showed Wednesday.
The report by the Korea Machine Tool Manufacturers' Association (KOMMA) said outbound shipments soared 36.1 percent on-year last month. Compared with the previous month, exports jumped 28.7 percent.
"Last month's exports far surpassed the previous record of $201.0 million in June 2008, a sign that locally made machine tools are becoming globally competitive in terms of quality and price," the association said.
Local companies exported little under $1.24 billion worth of products in the first seven months of the year, up 38.7 percent from same period in 2010, with balance of trade staying in the black for 16 months in a row.
The trade surplus in machine tools reached $163.6 million as of late July, the association said.
KOMMA said that steady demand from China, the largest buyer of locally made machine tools since 2002, contributed to last month's gains, along with orders from the United States and Europe that reached $173.0 million and $310.0 million, respectively, in the January-July period.
The association expected overall shipments to reach an all-time high of $2 billion this year, though the downgrade of the U.S. credit rating and the lingering concerns in some European countries may hurt global economic growth.
yonngong@yna.co.kr