KAMA Releases Korean Auto Industry Outlook for 2014

●Automobile production for 2014 is forecast to grow by 2.2% over a year earlier to 4,600 thousand units thanks to increase of exports.

●Although Korean cars remain at last year's level in sales, imported cars are expected to rise, and so domestic whole sales for 2014 are predicted to gain 1.5% year-on-year to 1,580 thousand units.

●Even with some anxious factors such as unstable global economy caused mainly by reduction in US quantitative easing and weakened competitive price owing to appreciation of Korean won, exports for 2014 are projected to increase 3.2% over a year before to 3,200 thousand units, expecting an all-time high, attributed to upward pace of global automobile demand, additional tariff-cut by Korea-EU FTA, improved product quality and brand value on Koran cars and new models release.

●Export ratio over total domestic production : (2012) 69.5% ； (2013) 68.9% ； (2014) 69.6%