[sam_ad id=6 codes='true']The Korea Automobile Manufacturers Association (KAMA) has released data indicating that South Korea’s exports of finished vehicles and automotive parts is expected to soar over the coming year in response to increasing global demand for domestic brands.
The Port of Busan, in South Korea
In a report issued last week, KAMA estimates that overseas sales will hit $77.8 billion this year: an increase of 4.1% in exported vehicles.
Local production of cars started falling in 2011, and a reported 4.52m units were shifted last year. However, sales may rebound to 4.6m units this year, up 1.7%.
The total number of cars shipped abroad is expected to rise 3.6% during the course of the year to 3.2m, which is a record for a one-year period, according to KAMA. Automotive parts shipments are also expected to increase, by 2.7% to $26.8 billion.
In addition, KAMA said that local production of cars, which started falling after peaking at more than 4.65m in 2011, may rebound to around 4.6m units in 2014, up 1.7% from 4.52m reported for last year.
On domestic sales, KAMA estimated some 1.58m cars may be sold. Of these, sales of cars made by local OEMs should advance 1.2% to around 1.4 m with the imports accounting for around 180,000 units.