2011 Five Region Fastener Association Conference was held successfully at Korea Federation of Small and Medium Business (Kbiz) Grand Hall, Seoul, South Korea, on Sep. 26th, 2011. Mr. Lee, Jung-Woo, President of Korea Federation of Fasteners Industry Cooperatives, introduced the general situation of South Korean Fastener Industry in 2010. 

Mr. Lee, Jung-Woo, President of Korea Federation of Fasteners Industry Cooperatives

According to the investigation and forecast conducted by Korea Federation of Fasteners Industry Cooperatives, the total output of fasteners in South Korea was 810,000 tons. Automobile industry, construction industry, and electronics industry were the largest three consumer groups of fasteners, commanding 610,000 tons (75.5%), 80,000 tons (10.4%), and 20,000 tons respectively, and the rest 10,000 tons went into other industries. In 2010, there were 408 enterprises with 11,417 personnels working on fastener production.

The import value of fasteners reached USD $ 380 million in 2010, jumped by 30.6% while compared with 2009 (2009: USD $ 290 million). The fasteners imported from mainland China, USA, Japan, and Taiwan were in the value of USD $ 130 million, USD $ 89 million, USD $ 33 million, and USD $ 17 million, respectively, with such fasteners shipped from mainland China taking the highest share of 35.9%.

The export value of fasteners reached USD $ 320 million in 2010, jumped by 32.1% while compared with 2009 (2009: USD $ 240 million). It is easy to find a trade deficit of USD $ 60 million from the import value of USD $ 380 million.

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