In 2012, the Korean machine tool industry reported an output value of $5.71 billion, representing 6.1% of the global machine tool production. This marked a slight decline of 0.9% compared to the previous year, yet South Korea remained the fourth-largest machine tool producer globally, following China and Japan. On the export front, the country maintained its position as the seventh-largest exporter, with total exports reaching $2.55 billion. Despite this, it recorded a robust growth rate of 10.9%, indicating strong international demand for its products.
South Korea also ranked as the fifth-largest importer of machine tools, with imports totaling $1.49 billion in 2012—a decrease of 16.7% from the prior year. Domestically, machine tool consumption reached $4.65 billion, a drop of 11.4% compared to the previous year, making it the fifth-largest consumer in the world.
The primary products manufactured in South Korea include CNC lathes, which were the top-selling category, followed by machining centers. Punching machines came in third. In 2012, the output value of CNC lathes was 13.4 billion won, down 8.6% year-on-year. Meanwhile, machining centers saw a significant increase of 38.1%, while the press sector experienced a 12.4% decline.
Korean machine tool users are primarily found in seven major industries. The automotive industry is the largest consumer, accounting for 38.2% of total demand. Other key sectors include general machinery (15.9%), metal products (10.3%), and black and non-ferrous metals (8.5%). Electrical and electronic equipment (7.7%), shipbuilding and aerospace (4.6%), and precision machinery (2.2%) also contributed significantly. Together, these industries accounted for 87.5% of total demand, with the remaining 12.5% coming from other sectors. Notably, all seven major industries saw double-digit declines in demand, with the automotive sector experiencing the smallest drop and precision machinery the most significant.
In terms of orders, South Korea received a total of 35.04 billion won in machine tool orders during 2012, a 19% decrease from the previous year. Domestic orders accounted for 49.3%, down 27.8%, while foreign orders made up 50.7%, declining by 8.1%. The order trends for CNC lathes were particularly volatile, while machining centers and punching machines showed similar patterns. All three major product categories reached their peak in the second quarter and then gradually declined in the second half of the year.
Overall, South Korea’s machine tool industry has evolved from a fast follower to a key player in the global market, positioning itself among the world’s top four. Through continuous innovation and creative strategies, the sector is now driving a new wave of manufacturing growth and technological advancement.
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