April 27, 2024

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[THE INVESTOR] Korea’s automobiles exports declined 3.5 percent in 2017 from a year, government data showed on Jan. 16.

The number of vehicles shipped abroad stood at 2.52 million units last year, compared to 2.62 million in 2016, according to the data compiled by the Ministry of Trade, Industry and Energy.

However, the total value of vehicles shipped overseas rose 3.9 percent on-year to US$41.71 billion, as large sedans and sport utility vehicles boosted the overall sales price. The amount swung to growth for the first time since 2014.

“Auto exports shrank on slowing global demands and strikes by some automakers,” the ministry said in a release. “Sales ratio of SUVs, eco-friendly vehicles and large sedans increased, while small and midsize sedans were on the decline.”

 Sales ratio of SUVs accounted for 53.8 percent last year to become the most popular type of vehicle, while eco-friendly vehicles were among the fastest growing segments, it noted.

By Alex Lee and newswires (alexlee@heraldcorp.com)