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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