South Korea's auto production will grow merely 0.5% in 2015: think tank

By Park Sae-jin Posted : November 27, 2014, 17:25 Updated : November 27, 2014, 17:25

 


South Korea's auto production will rise merely 0.5 percent to 4,514,000 units in 2015 from this year, a state-run think tank said Thursday.

The Korea Institute for Industrial Economics and Trade (KIET) forecast that this year's auto production will reach 4,490,000 vehicles.

In a report on the "prospects of the 2015 economy and industry," the institute said that domestic car sales will increase 1.7 percent to 1,662,000 units next year from 2014.

The report said the country is expected to export vehicles worth US$77.85 billion next year, up 2.8 percent from this year, while automobile imports are forecast to reach $14.51 billion, up 7.2 percent from 2014. 

"Next year, a rise in export prices and possible economic recovery in advanced countries will positively affect the Korean auto industry. However, the industry will grow slightly because of an increase in overseas auto production, a weakening Japanese yen and sluggish consumption in emerging economies," it said.
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