South Korea's exports of agricultural machinery and parts jumped more than 40
percent to a record high last year on strong demand in the United States and
Japan, the government said Tuesday.
The country shipped US$608 million
worth of farm machines and parts in 2011, up 40.3 percent from $433.6 million a
year earlier, according to the Ministry for Food, Agriculture, Forestry and
Fisheries.
The country's trade surplus in the sector significantly
widened from $14.4 million in 2010 to $177 million as its imports of farm
machines, such as tractors, only grew 2.9 percent on-year to $431.4
million.
The ministry attributed the growth in exports to improved
post-sales services in key markets, such as the United States.
"Such a
result was possible due to the government's strategic support, along with the
development of new products by (South Korean) manufacturers to meet specific
needs of different countries and their improved post-sales services in overseas
markets," it said.
Out of all outbound shipments, 34.3 percent or some
$208.6 million worth of products were sold in the United States. The 2011 figure
marked a 42.8 percent increase from $146 million in 2010.
Exports to
Japan surged 34.7 percent on-year to $31 million with exports to Germany also
jumping 75.1 percent to about $15.7 million. Shipments to China and Australia,
however, dropped 14 percent to $34.3 million and 5.2 percent to $22.6 million,
respectively.
To help further boost the country's exports of farm
machines, the government will host the Korea International Exhibition of
Machinery, Equipment, Science & Technology for Agriculture on Oct. 30-Nov. 3
in Cheonan, 90 kilometers south of Seoul.
The country seeks to boost
its exports of farm machines to $1 billion by 2015.
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