Total Fastener Production of S. Korea in 2012 Slightly Dropped to 0.95 Million Tons

According to Korea Federation of Fasteners Industry Cooperatives (KFFIC), there are about over 700 fastener manufacturers with 13.6 thousand employees in South Korea. In 2012 the total fastener production in South Korea reached 0.95 million tons (about USD3.65 billion), which was a slight decline from the same period in 2011 mainly due to the decline of Korean automotive production. In 2012, the total production of cars in South Korea was 5,993,181 units, with a 1.93% of decline compared to the same period last year.

The survey and analysis of KFFIC both show that the automotive, construction, and electronics industries are the three largest consumer groups of Korean fasteners and demand 700,000 tons, 130,000 tons, and 10,000 tons of fasteners respectively. The rest of 110,000 tons go to other industries.

In 2012, Korea imported fasteners with the total value of USD0.45 billion, up 2.2% from the record of USD0.44 billion in 2011. In 2012, the export value of Korean fasteners rose by 25.1% from USD0.48 billion in 2011 to USD0.607 billion. As a result, in 2012 Korean fastener industry saw a trade surplus o USD0.157 billion.