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S. Korea’s Auto Exports Drop to 7-Year Low
Exports by South Korea carmakers plunged 19% to 143,000 vehicles in August, the lowest since 2009, according to the Ministry of Trade, Industry and Energy.
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Exports by South Korea carmakers plunged 19% to 143,000 vehicles in August, the lowest since 2009, according to the Ministry of Trade, Industry and Energy.
Shipments also were 34% lower than in July. Exports through the first eight months of 2016 totaled 1.7 million units, down 14% from the same period last year.
The ministry blames last month’s slump upon falling market demand in emerging countries and the impact of sporadic labor strikes at domestic Hyundai and Kia assembly plants. Vehicle production in Korea fell 24% to 217,100 units last month.
August car sales in Korea also shrank, falling 11% to 124,500 units. Demand has declined since a government tax-cut on passenger cars ended on June 30.
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