In January this year, South Korea's total car output increased by 23.3 percent year on year and was up 2.2 percent compared to December 2012, totaling 410,612 units, according to a report released by the Korean Ministry of Knowledge Economy (MKE). The report says that the rise was due to an increase in the number of working days. In January of the current year, South Korean automobile production and exports recorded their highest-ever figures for January.
For the month of January, South Korea's car exports amounted to 288,344 units, up 17.1 percent year on year, increasing 4.7 percent compared to December 2012.
In the given month, a low base effect from a year earlier and the extra working days contributed to the 10.3 percent year-on-year increase in the number of vehicles sold in the domestic market, which totaled 117,323 vehicles. Compared with the previous month, however, domestic sales of South Korean cars declined 20.2 percent in January as temporary tax cuts on automobile purchases expired at the end of 2012.