Daedong becomes the first in the industry to be awarded the ‘$400 Million Export Tower’
Daedong becomes the first in the industry to be awarded the ‘$400 Million Export Tower’
- Exported approximately $475 million in agricultural machinery such as tractors from the second half of 2021 to the first half of 2022
- Export to 70 countries building reputation for ‘K-agricultural machinery’. Approximately 63% of total sales recorded overseas
- Accelerated overseas market presence with smart agricultural machinery and diversified export to mobility, industrial equipment, etc.
Daedong Group’s parent company Daedong (Joint CEO Jun-Sik Kim and Yu-Hyun Won), Korea’s No. 1 agricultural machinery company leading future agriculture, announced on the 9th that it was awarded the ‘$400 Million Export Tower’ at the ‘59th Day of Trade’ ceremony.
The Trade Day’s ‘Tower of Export’ award is hosted by the Korea Trade Association and sponsored by the Ministry of Trade, Industry and Energy. The Export Tower award is given to companies that have contributed to overseas market development and increase in export based on the total export values from the second half of the previous year and the first half of the present year. With the even growth in major markets, such as North America, Europe, and Australia, from the second half of 2021 to the first half of 2022, overseas exports recorded approximately $475 million, up 23% from the previous period. With this, Daedong became the first in the agricultural machinery industry to be awarded the $400 Million Export Tower. Daedong had previously won the $100 Million Export Tower (2008) the $200 Million Export Tower (2014), and the $300 Million Export Tower (2021) for the first time in the industry.
Daedong has been targeting overseas markets since the 1980s and currently has subsidiaries in the US, Canada, Europe, and China, and an office in Germany, selling the in-house export brand KIOTI to 70 countries and earning 63% of its sales overseas (as of 2021). Despite the COVID pandemic of 2020, Daedong’s consolidated sales reached KRW 1.179.2 trillion last year, and accumulated sales reached KRW 1.136.8 trillion in the third quarter this year, recording KRW 1 trillion of sales for two years in a row.
Daedong CEO Yu-Hyun Won said, “I was delighted to receive the award while building on the reputation of KIOTI for ‘K-agricultural machinery, based on 75 years’ worth of overseas business experience in agricultural machinery,” and added, “We will not settle here but continue working on our overseas business, because there is a larger market that awaits Daedong and will lead us into the 3 future businesses of smart agricultural machinery, farms, and mobility.”
