South Korea’s auto exports grow

July 30th, 2012 - 3:48 pm ICT by IANS  

Seoul, July 30 (IANS) South Korea’s automobile exports grew 3.1 percent in the second quarter from a year earlier due to strong demand for large-sized cars from the US, Australia and Russia, customs office data showed Monday.

Exports of locally-made cars reached $10.85 billion during the April-June period, up 3.1 percent from the same period of last year, according to the Korea Customs Service (KCS).

In terms of volume, South Korean automakers shipped 814,000 vehicles over the cited period, reported Xinhua.

The growth was attributed to solid popularity for large-sized cars with engine capacity of between 1.5 and 3 litres from the US, Australia and Russia, said the customs office.

Shipments of autos with engine displacement from 1.5 to 3 litres reached $7.4 billion during the quarter.

Imports surged 37.1 percent on-year to $992 million in the second quarter, but trade surplus for the auto sector edged up 0.6 percent to $9.85 billion over the same period thanks to falling prices of imported cars.

Average unit price of imported cars stood at $29,469 a vehicle during the April-June period, down from $30,254 three months earlier. Average export prices rose from $13,256 a unit in the first quarter to $13,327 in the second quarter.

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