South Korea posted its first ever auto parts trade surplus with Japan last year, as Japanese automakers diversified component sourcing away from their affiliated ‘keiretsu’ suppliers.
The Korea Trade-Investment Promotion Agency said the country made a trade surplus of US$23.7m with Japan in 2014 compared with a deficit of US$84.3m in 2013.
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South Korean manufacturers reported a 10.5% increase in auto parts exports to Japan last year, worth US$885.1m, while imports from Japan fell 2.7% to US$861.4m.
South Korea’s overall automotive component exports increased to US$26.6bn last year.
