South Korean Exports Rising

  • Tuesday, 04 February 2014 13:33
Published in FEATURES  

Car parts exports are outdoing exports of finished cars in South Korea. According to a recent article in Korea's leading newspaper, the Chosun Ilbo, the improved quality of Korean-made components and more overseas production by Korean conglomerates have attributed to the rise in exports of car parts that is up by 6% in 2013 over the previous year. This rise is nearly double of what the finished automobile industry has seen with their 3.1% increase. According to South Korea's Ministry of Trade, Industry and Energy, exports of car parts hit a new record in 2013 at 26 billion won. The Chosun Ilbo also recently reported that exports of IT parts are surging as domestic firms including Samsung boost the proportion of overseas production. In addition, last year exports of semiconductor chips hit a record of US$57.15 billion due to the growing demand in mobile devices. 

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