Production and sales of Korean tiremakers grew slightly last year amid a deepening economic slump at home and abroad, a trade association said Wednesday.
According to the Korea Tire Manufacturers Association, Korean tire manufacturers led by Hankook Tire Co. and Kumho Tire Co. produced 97,694,000 units in 2011, up 2.5 percent from the previous year.
Sales rose 1.6 percent on-year to 96,942,000 units last year.
In the domestic market, a total of 9,997,000 units for original equipment were sold last year, up 1.5 percent from a year earlier, while sales of replacement tires fell 3.7 percent to 16,139,000, said KOTMA.
Exports rose 2.9 percent on-year to 70,806,000 tires, KOTMA said.
The association noted that products manufactured in the tiremakers’ overseas operations were not added to the statistics.
Market leader Hankook Tire posted a 10 percent increase in production and 20 percent jump in sales last year on the back of overseas plant expansion.
“Exports are expected to slow down this year due to the economic slump, but Korean tiremakers will still see steady growth in exports thanks to their quality and rising brand image,” said a KOTMA official. (Yonhap News)