South Korea vehicle production up 7% in December, up 9% in 2011

12 January 2012 08:07  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s production of vehicles grew by 7% year on year to 424,981 units in December last year, buoyed by a double-digit growth in exports, the Ministry of Knowledge Economy (MKE) said on Thursday.

The country’s overall vehicle exports grew by 16.2% year on year to 301,639 units in December 2011, boosted by the “greater competitiveness of national brands”, the MKE said in a statement.

The automobile industry is a large end-market for materials such as polypropylene (PP), nylon (polyamide), acrylonitrile-butadiene-styrene (ABS), flexible foam polyurethane (PU), synthetic rubber as well as paints and coatings.

For the full year of 2011, the overall vehicle production in South Korea grew by 9.0% year on year to 4.66m units, according to the MKE.

The country’s total vehicle exports grew by 13.7% year on year to 3.15m units as its shipments to the EU and Asia increased by 44.4% and 34.5% respectively in 2011, the MKE added.

By: Nurluqman Suratman

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