South Korean car sales and automobile part exports inched up in January while production and exports of vehicles declined due to fewer working days in the month.
Domestic car sales showed signs of recovery, advancing 0.2 percent to 123,575 vehicles in January from a year earlier thanks to the higher sales of vehicles produced in Korea.
The sales of domestically built cars climbed up 1.2 percent to 106,261 units on the launch of new vehicle models and stronger demand in mid-size and large-size segments. The number of imported vehicle sold declined 5.9 percent to 17,314.
Auto production in Korea declined 14.2 percent to 298,041 vehicles due to fewer working days in January with Korea observing the Lunar New Year’s holiday in the month.
Exports of vehicles shrank for the same reason although the decrease in the number of cars sold abroad was partly offset by higher unit prices driven by the robust sales of mid- and large-sized vehicles and sports utility vehicles. Car exports declined 4.8 percent to $2.9 billion although the number of vehicles shipped to overseas markets fell 10.1 percent to 179,395.
The Ministry of Trade, Industry and Energy official said,outbound shipments of automobile parts climbed up 0.1 percent to $2 billion despite fewer working days in the month. More parts were shipped, especially to North America, Europe and the Middle East, as production in Korean manufacturers’ overseas plants expanded. The sales of vehicles built in overseas plants rose by 5.1 percent to 334,190 units.