Korean automotive industry on a solid recovery track
15. April 2021The Ministry of Trade, Industry and Energy released the corresponding figures on February 15. Automobile production increased 24.9 percent, domestic sales increased 18.4 percent and exports increased 24.9 percent. For the first time in five months, all these figures increased by more than 10 percent. In numbers, exports increased from 148,546 to 192,322 units in one year. SUVs in particular increased by 37.7 percent and now account for 71.7 percent of all exported vehicles. Due to the resurgence in demand from the U.S., all categories except compact cars posted increases.
Export volume reached $4 billion in January, up 40.2 percent from a year earlier. That’s the highest figure since September 2017, led by exports of luxury SUVs and environmentally friendly vehicles with alternative engines, whose exports more than doubled. Last month, exported hybrid and electric vehicles from Korea reached a record $900 million. That represents a quarter of the country’s total auto exports.
In the domestic market, a total of 134,692 vehicles were sold in January 2021, including about 22,000 imported cars. Monthly production capacity increased to 314,190 units from 251,578 in the same month last year. This increase represents 24.9 percent and is the best figure since October 2018. Are you interested in the Korean automotive market? Before your products can be launched on the market there, they must undergo a KC certification. MPR International GmbH will be pleased to advise you regarding Korea certification in the automotive sector. We have already successfully assisted many large automotive suppliers and vehicle manufacturers with locations in Korea with their certification projects and have been supporting these companies for several years. Our experts are available at any time by phone or e-mail to answer your questions regarding a pending Korea certification.
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