Korea's trade ministry lays out rosy outlook for auto industryUpdated: 2013-12-10 (KST)
Korea's auto industry is expected to post record exports next year.
The Trade Ministry on Monday said it expects overseas shipments of three.two million automobiles in 2014, edging past the previous record set back in 2011 by 300 thousand.
More importantly, Korean automakers are expected to sell more-expensive vehicles such as RVs and bigger cars in export markets, ministry officials said.
The ministry attributes the positive outlook to an upturn in global demand as Europe is poised to break away from its seven-year slump and China, Russia, Brazil and other emerging economies are expected to perform better in the coming year.
On top of that, Korean cars will also enjoy an additional tariff reduction from the Korea-EU Free Trade Agreement, which took effect in July.
Car sales in the domestic market are also expected to increase slightly by one.five-percent, as the Korean economy starts picking up speed.
The ministry noted, however, that risks remain in and out of the country, in view of the nation's ballooning household debt and the U.S. Fed's expected rollback of its huge stimulus program.
Yoo Li-an, Arirang News.
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