Reports out today note that production volume in Korea'’s auto industry will exceed 5 million vehicles in 2005, for the first time due to an explosive increase in exports.
Soon only 20 percent of Korean production will be intended for the domestic market. The Korea Automobile Manufacturers Association (KAMA) estimated production will reach 5.15 million this year after exceeding 4 million only a year ago.
Exports increased from 2.37 million last year to 2.6 million this year and overseas production from 410,000 last year to 700,000. Production for parts assembly is also likely to increase by roughly 150,000 to 750,000.
Meanwhile, the local market has been sluggish since 2003. The number of cars sold here decreased from 1.3 million in 2003 to 1.1 million last year and is expected to show up flat when figures for this year are in.
Some experts feel a figure of 6 million for next year does not seem too far-fetched if the local economy revives and full-scale overseas production gets underway.
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