South Korea’s Luxury Car Imports To Rise 10% In 2014

Posted by: : Paul EbelingPosted on: December 17, 2013 South Korea's Luxury Car Imports To Rise 10% In 2014

South Korea’s Luxury Car Imports To Rise 10% In 2014

South Korea’s luxury car imports were expected to rise around 10% in Y 2014 on the back of strong South Korean currency and free trade deal with Europe, a local trade association said Tuesday.

The Korea Automobile Importers and Distributors Association ( KAIDA) said that imports of foreign luxury cars will grow around 10% from a year earlier to 174,000 in Y 2014.

The double-digit growth would come as the appreciation of the South Korea’s currency against the USD was expected to boost demand for foreign currency-denominated foreign cars.

Lower tariffs on cars imported from Europe, with which South Korea reached the free trade deal, was predicted to contribute to strong demand for foreign luxury brands.

The Y 2014 growth, however, was expected to be lower than a 20% increase estimated in Y 2013 as risk factors remained such as massive household debts and sluggish consumer confidence, the KAIDA said.

The KAIDA said that foreign luxury cars became popular among those Korean’s in their 20s and 30s, noting that demand for mid-sized cars with an engine displacement of less than 2 liters became stronger.

Stay tuned…

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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