Parts Exports Reach New Record

      February 04, 2014 13:14

      Korea is setting new records in parts exports. With the brisk performance of Korean-made smartphones and cars in the global market, exports of IT- and car components are also rising.

      The Ministry of Trade, Industry and Energy on Monday said exports of car parts hit the W26-billion mark for the first time last year (US$1=W1,086).

      They reached W26.09 billion, up 6 percent from the previous year. Car parts exports grew three times faster than the country's total exports (2.2 percent) over the same period, and two times faster than exports of finished cars (3.1 percent).

      The rise is attributed to the improved quality of Korean-made components and more overseas production by Korean conglomerates.

      Exports of IT parts are also surging as domestic firms including Samsung boost the proportion of overseas production. Last year, exports of semiconductor chips hit a record of US$57.15 billion due to growing demand in mobile devices.

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