Shipments of South Korean vehicles to African countries rose sharply in the first nine months of the year thanks to rising demand with the region’s political situations stabilized, a trade association said Wednesday.
According to the Korean Automobile Manufacturers Association, a total of 146,976 cars were exported to Africa through September this year, up 21.4 percent from 121,030 units shipped to the region last year.
However, car exports to Asian countries plunged 18.2 percent on-year to 129,074 units over the 10-month period, said KAMA.
Industry insiders attributed the sales jump to an economic boost in African countries and stabilized political situations.
“Exports to South Africa rose on the back of our marketing campaigns during the World Cup tournament in 2010. Demand in Algeria, Libya and Morocco also is increasing after civil uprisings ended in those countries,” said an official from Hyundai Motor Co., South Korea’s top automaker.
Hyundai and its affiliate Kia Motors Corp. shipped a combined104,819 units to the African continent, up 32.9 percent from 78,890 units last year.
Exports of GM Korea, the local unit of U.S. General Motors Co., to North Africa are expected to reach 25,000 units by the end of this year, compared to 15,000 units sold last year, officials said.
However, sluggish car demand in Asian countries, coupled with a deepening global slowdown, led the drop in South Korean exports to the populous region.
“Asian markets contracted as the global economy slowed down,” said the Hyundai official. “And Japanese carmakers are beefing up to expand their market share in Southeast Asian countries.”
Hyundai and Kia produce nearly 1.5 million per year at their plants in China, with few cars shipped to the neighboring country, officials added. (Yonhap News)
According to the Korean Automobile Manufacturers Association, a total of 146,976 cars were exported to Africa through September this year, up 21.4 percent from 121,030 units shipped to the region last year.
However, car exports to Asian countries plunged 18.2 percent on-year to 129,074 units over the 10-month period, said KAMA.
Industry insiders attributed the sales jump to an economic boost in African countries and stabilized political situations.
“Exports to South Africa rose on the back of our marketing campaigns during the World Cup tournament in 2010. Demand in Algeria, Libya and Morocco also is increasing after civil uprisings ended in those countries,” said an official from Hyundai Motor Co., South Korea’s top automaker.
Hyundai and its affiliate Kia Motors Corp. shipped a combined104,819 units to the African continent, up 32.9 percent from 78,890 units last year.
Exports of GM Korea, the local unit of U.S. General Motors Co., to North Africa are expected to reach 25,000 units by the end of this year, compared to 15,000 units sold last year, officials said.
However, sluggish car demand in Asian countries, coupled with a deepening global slowdown, led the drop in South Korean exports to the populous region.
“Asian markets contracted as the global economy slowed down,” said the Hyundai official. “And Japanese carmakers are beefing up to expand their market share in Southeast Asian countries.”
Hyundai and Kia produce nearly 1.5 million per year at their plants in China, with few cars shipped to the neighboring country, officials added. (Yonhap News)
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Articles by Korea Herald