South Korea's auto exports inched up in 2012 as increased demand in the United States offset a decline in shipments to Europe, Asia and other regions, industry sources said Monday.

According to the sources, the country's five automakers, led by Hyundai Motor Co., exported a combined 3.17 million vehicles last year, up 0.6 percent from a year earlier, with the value of outbound shipments reaching a record US$43.63 billion.

The mild rise in auto exports was led by increased sales in the North America, with some 905,000 units shipped to the region last year, up 17.4 percent from the previous year.

Exports to other regions declined sharply last year, however, as the global economic downturn prodded consumers there to delay purchases of new cars, according to the sources.

South Korea's auto exports to eurozone countries dropped 6.5 percent on-year to reach 388,223 units last year, a sharp turnaround from a 42.8 percent surge in 2011, as fiscal problems in European nations led to a greater than expected economic slump.

Overall auto sales in the eurozone countries sank 8.2 percent on-year to 12.05 million units last year.

In 2011, South Korea's auto exports to the eurozone countries soared on the back of the free trade accord with the European Union (EU) that took into effect in that year.

Auto exports to Asia and South America dropped 21 percent on-year and 12.5 percent on-year, respectively, last year, with shipments to Middle Eastern countries suffering a slight on-year fall of 1.9 percent, the sources said.

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Source: Yonhap News (Feb. 4, 2013)