April 27, 2024

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[THE INVESTOR] Korea’s exports of passenger cars declined in the third quarter from a year earlier due to sluggish demand in major markets, including the United States, data showed on Oct. 30.

A total of 550,000 passenger cars worth US$8.1 billion were shipped abroad in the July-September period, down 13.6 percent from a year earlier, according to the data compiled by the Korea Customs Service. The drop marks the fourth straight quarter that outbound shipments have contracted.

Exports to the US declined 9.9 percent over the period in the face of tougher competition with rival brands.

In contrast, Korea’s purchase of foreign cars increased over the period as more consumers opted for high-end European brands over domestic cars.

Korea imported 70,000 cars worth US$2.4 billion over the period, a 5.7 percent surge from a year ago. This is the fifth straight quarter that imports have increased, the customs office said.

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