October 28, 2005
US auto manufacturers rate South Korea best outsourcing partner
South Korea has been voted as the leading outsourcing destination in the auto parts sector by the three automotive leaders in the US: GM, Ford, and Chrysler. In the auto parts sector, South Korea has been rated second after China.
The factors that work in favor of South Korea are quality service at a competitive price, market access to neighboring countries, a skilled workforce, and high productivity. According to the US-based auto manufacturers, 40 percent of Korean auto parts companies manufacture quality products as compared to only 5-10 percent of Chinese providers. kois.go.kr reports:
For the first nine months of this year, Korean shipments of auto parts to the U.S. stood at $1.46 billion, up 71.9 percent from the same period of last year. From 2002-2004, US imports of auto parts went up 20 percent and have been rising since.
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