South Korea Automotive Outlook basic sentiment is still positive thanks to the benefit of Importers invasion and to the reaction of local car makers, finally expanding the local offer. Crisis with North Korea is already hitting economy.
South Korea automotive industry is a leading manufacturing industry since the 1990s when started a tremendous growth becoming a key driver of national economy. Actually, it represents over 10% of GDP, employment, production and exports.
The sector is export-oriented accounting for 68.3% of the total manufacturing production in Korea with a value exceeding the U$80 billion representing the 13.7% of total national export.
With almost 4.5 million vehicles, South Kora is the fifth producer in the World.
Domestic market was blocked until the 2013 when high duties on import were limiting entrance at less than 10% of total sales. International agreements, in particular with EU, opened the market to import and the cut of duties have reduced the price of imported models with a progressive growth of their share.
In the recent years the domestic market grew up the 1.8 million units, achieving in the 2015 the best ranking ever, as 10th world-wide, before to lose one step in the 2016.
Future outlook would be moderately positive considering the positive impact of fast growing sales for imported vehicles (with Mercedes and BMW the most requested) and the introduction of new models, offered by local brands as never before, aiming to fight against the importers new line ups.
However, recent escalatuon in the international relations with the North Korea and China could in the best case moderate the GDP expansion and reduce internal consumption, hittng he sector.
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