Korean automobile exports to exceed $20 billion

Korean automobile exports to exceed $20 billion

Korean automobile exports are expected to surpass $20 billion in the first ten months of the year. It is the first time for annual automobile exports to surpass $20 billion. Moreover, new automobile exports are estimated to exceed last year's total of 1.81 million units this month and reach 2 million units in November. The Korea Automobile Manufacturers Association (KAMA) said that it took eight years for Korea to double its car exports to $20 billion. Exports amounted to $10 billion in 1996. KAMA forecasts that the exports will amount $20.5 billion as the end of October and reach $25.1 billion this year. Exports of auto parts are also expected to rise by 45% to a cumulative total of $5 billion in October due to strong sales abroad.