(MENAFN- Qatar News Agency) South Korea's auto industry saw both production and exports hit a record monthly high in October, as operating lines resumed following work stoppages, the South Korean Trade Ministry said Sunday
The country's total auto production reached 425,577 units last month, up 7.3 percent from a year earlier, with outbound shipments growing 9 percent on-year to 280,609 units, or US$4.65 billion in value, over the cited period, according to the Ministry of Trade, Industry and Energy
It marks the highest monthly output and overseas sales ever, the ministry added, citing the prompt resumption of their production lines following strikes by unionized workers at major carmakers as part of the reason for the record-high figures, state-run Yonhap news agency reported
Korean automobiles are also shifting to higher value-added models from being price-competitive ones, the ministry noted
The average price of a Korean vehicle has been rising at a steady pace to come in at $14,400 per unit as of end-September, compared with $10,411 in 2005 and $7,386 in 2000
The ministry expects Korea's cumulative auto production to eclipse the 80 million unit mark for the first time after this month, given that the figure reached 79.6 million units at the end of October
The ministry forecasts the aggregate output to top the 100 million mark in 2017.
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