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Daedong, the first in the industry to receive the “600 Million Dollar Export Tower” award

2023-12-13 | views 1,222

Daedong, the first in the industry to receive the “600 Million Dollar Export Tower” award


- Daedong exports agricultural machinery, including tractors, worth approximately USD 604.7 million in a single year from July 2022 to June 2023
- Exports to 70 countries and earns 68% of its sales overseas... Overseas growth buoyed by product and market diversification
- Company has diversified its portfolio of exported products from medium to large tractors to implements, construction equipment, mobility, robots, etc.


Daedong Group's future ag-tech platform subsidiary Daedong (Co-CEOs Kim Jun-Sik and Won Yu-Hyun) announced on December 13 that it became the first in the industry to receive the “600 Million Dollar Export Tower” award at the 60th Trade Day ceremony supervised by the Ministry of Trade, Industry and Energy and hosted by the Korea International Trade Association.


Daedong exported approximately USD 604.7 million worth of tractors, small construction equipment, and transport vehicles from July 1, 2022, to June 30, 2023, driven by relatively even growth across major markets such as North America, Europe, and Australia. Thanks to this, the company became the first in the agricultural machinery industry to win the 600 Million Dollar Export Tower. Compared to the USD 473 million it exported from July 1, 2021, to June 30, 2022, this is an increase of approximately 27% in export value when it won the 400 Million Dollar Export Tower. Daedong was also the first in the industry to receive the 100 Million Dollar Export Tower (2008), 200 Million Dollar Export Tower (2014), 300 Million Dollar Export Tower (2021), and 400 Million Dollar Export Tower (2022).

 

Daedong received the 600 Million Dollar Export Tower at the 60th Daegu-Gyeongsangbuk-do Trade Day event held at the Inter-Burgo Hotel in Suseong-gu, Daegu-si, on December 12, hosted by the Daegu Metropolitan City Government, Gyeongsangbuk-do Provincial Government, and the Korea International Trade Association. In the photo, from the left, Daedong New Business Division Director Han In-ki, Daedong CEO Won Yu-Hyun, and Daedong Product Production and Development Department Head Lee Jong-soon take a commemorative photo after receiving the 600 Million Dollar Export Tower award.


Daedong, which has been exporting its products since the 1980s, currently has local subsidiaries in the United States, Canada, Europe, and China, as well as a sales office in Germany. The company sells products under its own agricultural machinery export brand KIOTI to 70 countries, earning roughly 68% of its sales overseas (based on cumulative consolidated results as of the third quarter of 2022). Daedong believes that this award was made possible by its continued growth overseas driven by its expansion from small to medium-sized tractors (max. 60 horsepower) to medium and large tractors (61 to 140 horsepower), the commercialization of small construction equipment such as skid loaders, and its product and market diversification strategy, which involved carefully cultivating the European and Australian markets in addition to North America.


Daedong is looking to expand its list of export destinations to Europe, Australia, Africa, and the Middle East, and it wants to change its core sales models from small and medium-sized tractors to medium and large-sized tractors. Moreover, in order to maximize sales, the company is expanding its lineup of medium and large-sized tractor implements such as grapples, cutters, and rakes suited for overseas markets such as North America and Europe. In addition, Daedong plans to strengthen overseas sales of small construction equipment such as skid loaders and track loaders, as well as diesel engines.