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Amid the Eurozone’s prevalent recession atmosphere, South Korean auto makers and auto parts manufacturers are paying heed to absorbing the impact from the crisis, making the utmost use of their backgrounds - products & technology competitive-edges, FTA effectiveness, etc.
For seeking solutions to enlarge their market influence, more than 50 South Korean small and medium-sized but wide spectrum of automotive component solutions providers - which are led by regional-based governments and specialty domestic organizer Ain Global in establishing their Korean national pavilions, are participating in the upcoming Moscow International Motor Show(MIMS) 2012.
S. Korea’s vehicle production in May 2012 grew 3.8% year-on-year to 403,593 units, due mainly to growing exports and recovering domestic demand, hitting a record high for the April volume. Auto production during the first five months gained 5.9% compared to 2011, amounting to 1,974,433 units.
Given that the economic condition in Eurozone is increasingly deteriorating and the burden of domestic households’ debt is becoming larger, unexpectedly, domestic orders took a positive turn riding on the new model releases and basement effect, marking the biggest monthly record of 121,347 units for the year. Year-to-date domestic sales declined 6.4% to 571,080 units.
Despite the worrisome financial turbulence in some European countries, exports increased 3.0%, which attributed to the improved price-competitiveness and product confidence via FTA with the EU and the U.S. coupled with rising popularity on small-sized cars, but its growth pace was slowed down. Exports during January to May climbed 13.3% recording 1,400,643 units.
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