FTA drives S. Korea’s car exports to EU

SEOUL (Yonhap) — South Korea’s car exports to the European Union (EU) surged 40.1 percent on-year in the first 10 months of 2011, fueled by the bilateral free trade pact, a local industry association said Tuesday.

The Korea Automobile Manufacturers Association (KAMA) said the country’s five carmakers shipped 347,207 vehicles to EU member countries as of late October, compared to 247,909 units sold in the same period last year.

KAMA said that the sharp rise in exports only partially reflects benefits of the bilateral free trade agreement (FTA) that went into effect in July.