Korea’s accumulated annual exports of vehicles have exceeded $US30 billion for the first time, a local auto industry group said, according to the Korea Herald.
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The country’s automakers have exported $31.8 billion worth of vehicles so far this year, up 36.5% from a year ago, the Korea Automobile Manufacturers Association reportedly said. The figure accounts for 12.6% of the country’s exports this year, estimated at $251.8 billion, it added.
The paper noted that Korean vehicle makers have been relying heavily on exports this year to offset their falling domestic sales.
Overseas shipments of auto parts are estimated to rise over 40% from a year ago to $5.9 billion this year, helped by increasing sales of Korean-manufactured automobiles abroad, the association said.
The average export price of Korean cars rose to nearly $10,000 each, compared with $6,355 in 1998, as automakers shipped abroad more expensive vehicles such as large sedans and sport utility vehicles, the Korea Herald report added.
