Thursday, 24 January 2013

Automotive parts Industry growing, S. Korean Auto Industry surplus exceeds 60 billion dollars

Automotive parts industry growth is directly related to automobile industry, in accordance to the South Korean agency of news {Yonhap} the automobile industry surplus of $60 billion is much larger than the overall trade of South Korea of $28 billion for the last year.

The news agency shared the data that which showed that the car export of south Korea climbed to 0.4% over year to 3.17 million which were exported last year. 

The auto parts industry of Korea also posted a surplus of 61 billion of trade last year. This is a 6 % growth from surplus of last year of 57 billion from the year 2011. This data was compiled by ministry of knowledge and economy. 

The interesting fact is that out of this surplus the car-makers logged a surplus of 42 billion dollars rest was contributed by auto parts industry, out of which half was contributed by Brake pads suppliers, and piston ring manufacturer.
However the imports fell to 4.9 billion dollars from 5.8 billion dollars since last year.
The main reason behind this growth is the quality and brand image is improving abroad, unlike china which is the main reason why Chinese manufacturing is facing difficulties in International market.   



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