Auto imports surge 44% on-year in 2014

By Park Sae-jin Posted : January 23, 2015, 17:12 Updated : January 23, 2015, 17:36

 

South Korea imported US$9.12 billion worth of automobiles last year, up 44 percent from 2013, a traders' association said Friday.

The figure represents more than two-fold increase from 2011 ($4.27 billion), according to the Korea International Trade Association (KITA).

German vehicles took the lion's share of $5.15 billion (or 56.5 percent of the total auto imports), up 46.3 percent from 2013. Japanese cars came in second with $1.03 billion (or 11.3 percent), up 24.6 percent from a year ago.

Sales of imported vehicles in the country soared 25.5 percent to a record high of 196,359 units in 2014 from the previous year, the KITA said. 

Foreign-brand cars took a 14.21 percent share in South Korea's auto market in the first 11 months of 2014, compared with 12.10 percent in 2013, 10.01 percent in 2012, 7.98 percent in 2011 and 6.92 percent in 2010. 

BMW took the best-selling foreign-car brand title last year with 40,174 vehicles or 20.46 percent of the total imported vehicles sold, followed by Mercedes-Benz (35,213 units or 17.93 percent), Volkswagen (30,719 vehicles or 15.64 percent) and Audi (27,647 cars or 14.08 percent).

Ford placed fifth with 8,718 units or 4.44 percent, followed by Toyota (6,840), Mini (6,572), Lexus (6,464) and Chrysler (5,244).
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