The trade surplus in the nation’s automotive industry surpassed $60 billion for the first time last year.
According to industry data on Tuesday, the combined trade surplus of Korea-made cars and auto parts amounted to $61.7 billion won last year, up 5.8 percent from $58.3 billion in 2011.
The figure was more than double the nation’s total trade surplus of $28.5 billion for the year.
Despite sluggish car sales in Europe, Korean carmakers continued sales momentum in markets such as the U.S., Eastern Europe and Africa, industry watchers said.
Amid aggressive marketing activities by global rivals like Toyota Motor, General Motors and Volkswagen, Korean carmakers exported 3.16 million vehicles last year ― up 0.4 percent from a year ago.
But the export sales increased more than 4 percent from $45.3 billion to $47.2 billion, largely driven by sales growth in pricier, high-end models.
Hyundai Motor, for instance, saw its exports of premium models such as the new Grandeur sedan grow more than 30 percent from the previous year.
Even though the growing popularity of foreign brands led their imports to soar from $4.3 billion to $5.2 billion over the past year, growth in exports far outpaced that of imports with the trade surplus in vehicles alone reaching an all-time high of $42 billion.
Exports of auto parts also increased 6.5 percent due to increased overseas production by Korean carmakers that are seeking a favorable foreign exchange rate following the nation’s free trade pacts with the U.S. and EU.
The trade surplus in auto parts amounted to $19.7 billion last year, a 14 percent leap from 2011.
