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Korea’s auto exports tipped to decline for 7th year

Seoul - South Korea’s auto exports are tipped to suffer a slump for the seventh consecutive year in 2019 in terms of volume due to lower demand in emerging markets

Seoul - South Korea’s auto exports are tipped to suffer a slump for the seventh consecutive year in 2019 in terms of volume due to lower demand in emerging markets, writes Yonhap news agency.

South Korean carmakers shipped 1.98 million units in the first 10 months of the year, down 0.4 percent from a year earlier amid an economic slowdown at home and abroad, according to the data compiled by the Korea Automobile Manufacturers’ Association (KAMA). The country’s auto exports, since hitting a record of 3.17 million units in 2012, have been on a steady decline, and the trend will likely continue this year.

Passenger vehicles gained 0.2 percent on-year to 1.9 million over the cited period, while commercial vehicles suffered a 12.8 percent decline, the data showed. Exports to the Middle East and the Central American regions dipped b 8 percent and 22.7 percent, respectively, while shipments to the Asian region also suffered a 15.1-percent sink, the data shpwed. In contrast, shipments to the North American and European regions each jumped 11 percent and 0.3 percent, according to the data.

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