SEOUL KOREA - Korea’s car output is forecast to reach 4.51 million units next year, according to the 2014 economic and industrial outlook report by the Korea Institute for Industrial Economics & Trade.
The report said that the nation’s car output is likely to reach 4,514,000 units next year, up 0.5 percent from this year’s estimate of 4.49 million units.Domestic car sales are expected to reach 1,662,000 units next year, up 1.7 percent from a year ago.
Car exports are likely to rise 2.8 percent to $77.8 billion, while imports may grow 7.2 percent to $14.5 billion.
The report noted that despite a string of positive factors, including the increase in export unit prices and the economic recovery of advanced countries, the nation’s automobile industry would have a limited growth next year due to the increase in overseas production, the decline in yen’s value and sluggish demand from emerging markets.
