South Korea’s automobile production increased 10.3 percent on-year in September on strong demand from both domestic and overseas markets, the government said Tuesday.
The country’s five carmakers produced 374,014 vehicles last month, compared with 339,077 in the same period last year, according to the Ministry of Knowledge Economy.
Domestic sales rose 5.1 percent on-year to 135,098 units with exports surging 14 percent to 249,342 units.
“Despite the continued spread of global economic uncertainties, exports in September rose 14 percent from the same period last year to 249,342 units on growing global demand for fuel-efficient, small cars,” the ministry said in a press release.
The country’s domestic market for imported vehicles also grew with 10,055 foreign vehicles sold here in September, an increase of 25.3 percent from the same month last year and the second highest monthly sales record in the country’s history.
The ministry said the country’s domestic automobile market was estimated to grow at a seasonally adjusted annual rate of 7.6 percent as of September to 1.673,961 vehicles, revised from a previous SAAR of 1.8 percent to 1.46 million units.
