Korea Machine Tool Decline

According to the Korea Milling Machine Tool Manufacturers Association (KOMMA) latest statistics shows that by July 2011, Korean milling machine tool industry gets the new orders worths325.432 billion won, fell by 14.62% over 381.174 billion won last month, Vertical milling machine which is forth consecutive monthly decline. Compared with the same period last year, turnover of orders increased by 11%.
According KOMMA Vertical milling machine data shows that the this first half year of Korean milling machine tool orders hit a record high, of which domestic orders accounted for 56.7%, totaling 1.45 trillion won, an increase of 34.6%, its growth impetus came mainly from the automotive industry and Bed-type milling machine enterprises to increase the plant and equipment investment. Overseas orders accounted for 43.3%, amounting to 1.11 trillion won, up 60.3%; of which are from Europe and the United States, while China, India and other Asian countries, the order also performed well.