KFFIC Reports 2016 Results of Korean Fastener Industry

The Int’l Committee Director of Korea Federation of Fasteners Industry Cooperatives (KFFIC) recently reported the production and fastener trade statistics of Korea fastener industry in 2016. The domestic Korean fastener production in 2016 was 1.03 million tons and more than 80% of the production were for the automotive application. In 2016, Korea imported USD 0.493 billion worth of fasteners  (down 16.6% from 2015). Main import origins were China, USA, Japan, Germany and UK (China and USA altogether represented 58% of Korea’s total import). In the same year, Korea exported USD 0.911 billion worth of fasteners (up 19.7% from 2015). The main export destinations were China, USA, India, Japan and Mexico (China and USA altogether represented nearly 50% of Korea’s total export). Both results in export and import show significant dependence of S. Korea on China and USA.

 
Lee added that, since H2 2016, there has shown significant recovery in business transactions and investment projects and Korea’ economy in H1 2017 also showed growth in project investments and export. However, due to the influence from certain issues like N. Korea and the global situations, we still need time to tell the future development of the global economy.