In May this year South Korea's total car output surged by 37.3 percent year on year due to the growth in exports, despite the decrease of domestic sales, according to a report released by the Korea Automobile Manufacturers Association (KAMA). Meanwhile, year-to-date
production rose 40.7 percent year on year, registering 1,708,166 units.
Although there were some positive factors for domestic sales including the recovery of consumer confidence and the impact of the release of new car models, domestic sales in May 2010 regressed by 6.6 percent totaling 116,253 units. Domestic orders in the first five months of 2010 climbed 23.7 percent year on year amounting to 589,130 vehicles.
South Korean car exports in May climbed by 53.6 percent year on year to 235,174 units, attributed to recovering demand in the US, South Korea's largest market, coupled with the fast growth of sales in emerging countries in Latin America and the Middle East. In the January-May period this year, exports surged 41.1 percent year on year, reaching 1,070,943 units, maintaining their upward pace.