April 27, 2024

• 

[THE INVESTOR] Korea’s exports of passenger cars declined in the second quarter from a year earlier due to sluggish demand in major markets, including the United States, government data showed on July 27.

A total of 640,000 passenger cars worth US$9.6 billion were shipped abroad in the April-June period, down 6.9 percent from a year earlier, according to the data compiled by the Korea Customs Service.

Exports to the US, Korea’s top auto market, dropped 14.7 percent over the period in the face of tougher competition with rival brands.

Sales of compact cars jumped 129.8 percent on-year to US$650 million, rising for the sixth consecutive quarter on strong demand in the European market. Small cars accounted for 6.8 percent of the total exports.

In contrast, Korea imported 80,000 cars worth US$3 billion over the period, a 6.1 percent surge from a year ago, the customs office said.

German cars accounted for 31.9 percent of total imports as luxury brands, such as Mercedes-Benz, BMW and Audi, have stepped up promotion of their vehicles in the domestic market.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)