S. Korean carmakers' exports hit record high

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IANS | 09 Apr, 2012
South Korean carmakers marked their record monthly exports last month due to robust overseas demand for small-sized cars and sport utility vehicles (SUVs) manufactured domestically, a government report showed Monday.

Overseas automobile shipments by five local carmakers, including Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor, reached a new monthly high of 305,257 units in March, up 18.1 percent from a year earlier, according to the Ministry of Knowledge Economy.

For the first three months of this year, exports surged 20.3 percent on-year to 851,571 units. The ministry attributed the record monthly exports to strong demand from overseas for locally-made small cars and SUVs, of which outbound shipments jumped 30.4 percent and 17.4 percent on- year in March respectively, reported Xinhua.

The value of March exports reached USD 4.93 billion, up 35.1 percent from the previous year. The average unit price of exported vehicles advanced 8.3 percent on-year to USD 14,300 in March.

Car production in South Korea expanded 6.3 percent on-year to 420,759 vehicles in March amid brisk exports, according to the ministry.

Output by top automaker Hyundai Motor surged 19.5 percent on-year to 180,208 units in March due to solid exports, but the No. 2 manufacturer Kia Motors saw its car production edged up 2 percent due to reduction in working hours.