S. Korean automakers expand presence in 6 ASEAN markets
SEOUL, July 22 (Yonhap) -- South Korean automakers saw their sales increase in six member nations of the Association of Southeast Asian Nations (ASEAN) over the past three years helped by strong demand in Vietnam, industry data showed Wednesday.
They sold a combined 184,595 vehicles in Thailand, Indonesia, Malaysia, Singapore, Vietnam and the Philippines in 2019, accounting for 5.2 percent of the vehicle markets there, the Korea Automobile Manufacturers Association (KAMA) said in a statement.
Korean vehicle sales in the six markets rose from 168,834 units in 2018 and 133,937 in 2017, with their market share increasing from 4.7 percent in 2018 and 4 percent in 2017, it said.
"In recent years, Korean carmakers increased shipments of their vehicles to Vietnam in the form of complete knockdown (CKD) units, which can be assembled at local plants to avoid heavy auto tariffs," Seo Jin-won, a researcher at KAMA's trade and international cooperation division, said over the phone.
Rising demand for Korean vehicles in Vietnam, in particular, boosted overall Korean vehicle sales in the six ASEAN markets, the researcher said.
Korean carmakers have shipped CKDs to the other ASEAN markets, but demand for their vehicles remains weak, KAMA said.
In the six ASEAN markets, Japanese carmakers sold 2.63 million vehicles in 2019 to claim a 74 percent share there, the association said.
But their market share has been on the decline from 76 percent in 2018 and 77 percent in 2017, it said.
kyongae.choi@yna.co.kr
(END)
-
Nuclear envoys of S. Korea, U.S., Japan condemn N. Korea's stipulation of nuclear policy
-
Defense minister nominee vows to 'firmly punish' N. Korea in event of provocation
-
(URGENT) N. Korea decides to expel U.S. soldier Travis King
-
BTS' Jungkook to drop 2nd solo single
-
Opposition leader Lee again proposes talks with President Yoon
-
Defense minister nominee vows to 'firmly punish' N. Korea in event of provocation
-
Police launch belated probe into another teacher's suicide after parental harassment
-
(LEAD) Defense minister nominee vows to 'firmly punish' N. Korea in event of provocation
-
(LEAD) N. Korea stipulates nuclear force-building policy in constitution
-
(7th LD) Travis King in U.S. custody after expulsion by N. Korea: Washington officials
-
(LEAD) S. Korea's Coast Guard apprehends 22 Chinese after illegal entry attempt
-
S. Korea's Coast Guard apprehends 21 Chinese after illegal entry attempt
-
(LEAD) (Asiad) S. Korea takes 2 silvers in roller skating relays
-
(2nd LD) S. Korea's Coast Guard apprehends 22 Chinese after illegal entry attempt
-
(LEAD) Civilian helicopter carrying 1 pilot crashes into reservoir in Pocheon