Korea’s automobile exports hit record high
Jul 15, 2011
Despite high oil prices, Korea’s automobile exports hit a new record high in the first half of the year.
South Korea’s automobile exports grew, thanks to strong demand from emerging economies and improved brand image, a government report said on Thursday.
According to the Ministry of Knowledge Economy, Korea exported 1,540,772 cars, which is a 15.1 percent increase over last year’s totals.
Consumer confidence in Korea’s automobile quality is high, and Korea has benefited from the drop in Japan’s automobile production rates following the earthquake in March.
The ministry expects another record high in the second half of the year due to the Korea-EU FTA and improvements in price competitiveness. They’ve predicted a 1.8 percent increase in car exports, approximately total three million units.
By Oh Jun Kyung
Korea.net Staff Writer
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