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Korea’s Car Exports to U.S. Drop as Imports Rise
The lopsided trade in new vehicles between South Korea and the U.S. became slightly less so last year, according to Korean auto industry trade groups.
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The lopsided trade in new vehicles between South Korea and the U.S. became slightly less so last year, according to Korean auto industry trade groups.
Shipments of cars from South Korea to the U.S. dropped in 2016 for the first time in seven years, falling 9% to 954,400 units, The Korea Herald reports. The newspaper cites data from the Korea Automobile Manufacturers Assn. and Korea Automobile Importers and Distributors Assn.
At the same time, Korea’s imports of American-made cars rose 23% to a record 60,200 units.
The Herald points out that Korea’s vehicle exports shrank because of expanded foreign production capacity by the country’s two largest carmakers, Hyundai Motor Co. and its Kia Motors affiliate. Increased imports from the U.S. are being driven in part by the Korea-U.S. Free Trade Agreement, which last year eliminated tariffs by both countries.
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