On February 3, 2014, Korea's Ministry of Industry, Trade and Resources and the Korea Trade Association stated that the export volume of Korean-made auto parts in 2013 was US$26.085 billion, which was a 6.0% increase year-on-year, and a record high. South Korean auto parts exports have broken historical records every year since 2009 and together with cars have become Korean exports.
In 2013, the export volume of auto parts in Korea was equal to the total import volume of raw materials such as coal, iron ore, and chemical raw materials. Imports of auto parts decreased by 0.6% to US$4.888 billion. As a result, Korea’s auto parts trade surplus also reached a record high of US$211.97 billion. Auto parts ranked seventh in Korean exports and became one of Korea's top ten export commodities.
The popularity of local auto brands such as South Korea’s Hyundai Motors and Kia Motors has significantly increased, which has significantly boosted the exports of auto parts. The Ministry of Industry, Trade and Resources of Korea stated that in the 1990s, the auto parts industry was still an obscure industry, but after entering the 2000s, the industry developed rapidly, which was closely related to the growth of the Korean auto industry. Korea's Ministry of Industry, Trade and Resources will give the greatest policy support to achieve a virtuous circle in the industry that will lead the automotive industry and promote automotive components.
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