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The economy of South Korea is a highly developed mixed economy. By nominal GDP, the economy was worth ₩2.24 quadrillion. It has the 4th largest economy in Asia and the 14th largest in the world as of 2024. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century. Among OECD members, South Korea has a highly efficient and strong social security system; social expenditure stood at roughly 15.5% of GDP. South Korea spends around 4.93% of GDP on advance research and development across various sectors of the economy.
The United States Department of Commerce (DOC) is an executive department of the U.S. federal government concerned with promoting the conditions for economic growth and opportunity.
The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. It is one of the world's largest industries by revenue.
The International Trade Administration (ITA) is an agency in the United States Department of Commerce that promotes United States exports of nonagricultural U.S. goods and services.
SAE International is a global professional association and standards organization based in Warrendale, Pennsylvania, United States. Formerly the Society of Automotive Engineers, the organization adopted its current name in 2006 to reflect both its international membership and the increased scope of its activities beyond automotive engineering and the automotive industry to include aerospace and other transport industries, as well as commercial vehicles including autonomous vehicles such as self-driving cars, trucks, surface vessels, drones, and related technologies.
Founded in 1914, the National Foreign Trade Council (NFTC) is an American trade association that advocates for an open, rules-based international trade system. Its stated goal is to serve its hundreds of member companies by providing them with services and support related to international trade policy and international tax policy. The NFTC is headquartered in Washington, D.C., and its current president is Jake Colvin.
Japan's major export industries include automobiles, consumer electronics, computers, semiconductors, copper, and iron and steel. Additional key industries in Japan's economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods.
A voluntary export restraint (VER) or voluntary export restriction is a measure by which the government or an industry in the importing country arranges with the government or the competing industry in the exporting country for a restriction on the volume of the latter's exports of one or more products.
The automotive industry inmainland China has been the largest in the world measured by automobile unit production since 2008. As of 2024, mainland China is also the world's largest automobile market both in terms of sales and ownership.
The Automobile Manufacturers Association was a trade group of automobile manufacturers that operated under various names in the United States from 1911 to 1999. It was replaced by the Alliance of Automobile Manufacturers.
This article provides an overview of the automotive industry in countries around the world.
The automotive industry in South Korea is the fifth-largest in the world as measured by automobile unit production and also the five-largest by automobile export volume.
The automotive industry in Japan is one of the most prominent and largest industries in the world. Japan has been in the top three of the countries with the most cars manufactured since the 1960s, surpassing Germany. The automotive industry in Japan rapidly increased from the 1970s to the 1990s and in the 1980s and 1990s, overtook the U.S. as the production leader with up to 13 million cars per year manufactured and significant exports. After massive ramp-up by China in the 2000s and fluctuating U.S. output, Japan is currently the third largest automotive producer in the world with an annual production of 9.9 million automobiles in 2012. Japanese investments helped grow the auto industry in many countries throughout the last few decades.
The Australian Automotive Aftermarket Association (AAAA) is an automotive industry association that represents the automotive aftermarket parts and accessories industry and companies that are involved in manufacturing, re-manufacturing, wholesaling, distributing and retailing of vehicle parts, tools, equipment, accessories and services. Established in 1980, the AAAA represents the interests of businesses in this particular market segment on a national level.
The Motor & Equipment Manufacturers Association (MEMA) was founded in 1904. MEMA represents more than 1,000 companies that manufacture motor vehicle components and systems for the original equipment and aftermarket segments of the light vehicle and heavy-duty motor vehicle manufacturing industry in the United States. Motor vehicle component manufacturers are the largest employer of manufacturing jobs in the U.S., contributing nearly 3 percent of the U.S. gross domestic product. Motor vehicle parts suppliers generate a total direct and indirect employment impact of 4.26 million jobs, up nearly 18 percent since 2012.
The Fujian Motors Group is based in the Fujian Province, China and was founded in 1992.
As of 2019, the automotive industry in Thailand is the largest in Southeast Asia and the 10th largest in the world. The Thai industry has an annual output of more than two million vehicles, more than countries such as Belgium, Canada, the United Kingdom, Italy, Czech Republic and Turkey.
GAC Motor, sometimes simply as GAC, is a Chinese automobile manufacturing company founded in 2008, with headquarters in Guangzhou. Wholly owned by GAC Group, it focuses on making complete vehicles, auto parts and their trading.
The automotive industry in Argentina is the third largest in Latin America, driving 3% of GDP, 10% of total industrial production, and 10% of total exports in 2023. With a dozen global multinationals and over 200 auto parts companies operating in the country, Argentina's automotive sector is a sophisticated and technologically advanced industry. Argentina has emerged as a regional production hub in Latin America, exporting over USD $8 billion annually in passenger vehicles, light and heavy commercial vehicles, trucks, motorcycles, and parts primarily to Brazil, Chile, Colombia, Peru, and Central America.
Chinese used vehicle exporting is a grey market international trade involving the export of used cars and other vehicles from China to other markets around the world. With 300 million cars in China, Chinese vehicles are now entering the used vehicle market overseas to boost demand for the domestic market.
References
- ↑ The O.A.C. Story, 1977
- ↑ MEMA online history