S. Korea's Auto Parts Exports Hit AllTime High in H1

(MENAFN- Qatar News Agency) Oul July 14 (QNA) - South Korea's exports of auto parts jumped to an all-time high in the first half of this year driven by robust sales of vehicles in overseas markets government data showed Monday.

According to the data by the Ministry of Trade Industry and Energy South Korea exported US$13.58 billion worth of auto parts during the January-June period up 5.4% from a year earlier.

This represented the largest amount of first-half exports breaking the previous record of $12.84 billion tallied during the first half of 2013 according to South Korea's (Yonhap) News Agency.

The rise is attributed to strong sales of automobiles in overseas markets and more demand for parts to maintain and repair those vehicles.

Exports of cars came to $25.53 billion during the first half the largest amount of first-half overseas shipments ever the data showed.

"Despite some unfavorable factors such as the strong local currency the upward trend will likely continue even into the second half" a ministry official said. "The outlook seems to be bright for the auto parts industry." (QNA)