Exports of South Korean car parts rise

South Korean car parts manufacturers can now produce car parts that are cheaper than those made by Japanese companies. Industry analysts say the strength of the yen against the won have given South Korean suppliers the chance to supply automotive parts that are 20% to 30% cheaper than their Japanese counterparts. Over the past three years, the won has weakened more than 40%, according to Bank of Korea data. South Korean auto parts manufacturers have also been working hard to increase the quality of their products and the surge in new orders reflects the consumers’ response. Exports of car parts from South Korea increased by 26% to US$11.1 billion for the first half of 2011. (August 4, 2011)