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

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index