April 25, 2024
Automobiles
Korea’s auto exports down 5% in Jan.
[THE INVESTOR] South Korea’s auto exports fell for the first time in three months in January, government data showed on Feb. 16.
According to the data compiled by the Ministry of Trade, Industry and Energy, the total value of autos shipped overseas reached US$2.86 billion last month, down 4.8 percent from a year earlier.
The January downturn came after the country’s monthly auto exports have logged an on-year growth in November and December for the first time since June 2015. The number of exported vehicles also dropped 10.1 percent on-year to 179,395 units last month.
The ministry attributed the decline to a drop in all production due to the four-day Lunar New Year’s holidays in January amid sluggish global demand. Total output by five local automobile companies, including industry leader Hyundai Motor, slumped 14.2 percent on-year to 298,041 units in January.
On the other hand, domestic sales, including imported cars, edged up 0.2 percent on-year to 123,575 units on rollouts of new models in the New Year season.
(theinvestor@heraldcorp.com)
According to the data compiled by the Ministry of Trade, Industry and Energy, the total value of autos shipped overseas reached US$2.86 billion last month, down 4.8 percent from a year earlier.
The January downturn came after the country’s monthly auto exports have logged an on-year growth in November and December for the first time since June 2015. The number of exported vehicles also dropped 10.1 percent on-year to 179,395 units last month.
The ministry attributed the decline to a drop in all production due to the four-day Lunar New Year’s holidays in January amid sluggish global demand. Total output by five local automobile companies, including industry leader Hyundai Motor, slumped 14.2 percent on-year to 298,041 units in January.
On the other hand, domestic sales, including imported cars, edged up 0.2 percent on-year to 123,575 units on rollouts of new models in the New Year season.
(theinvestor@heraldcorp.com)
