Korea’s outbound shipments of cars nosedived at the fastest clip in more than six years in January as fast-falling oil prices dragged down demand from emerging markets, including Middle East countries, the government said Wednesday.

Exports of vehicles came to 201,967 units last month, down 18.8 percent from 248,613 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.


The January figure marked the sharpest year-on-year drop since October 2010, when it posted a 22.1 percent dive in the aftermath of the 2008 global financial crisis, with its losing streak continuing for three straight months.

It also sank 28.5 percent month-on-month from December’s 282,507 units.

The total value of overseas shipments also tumbled 21.5 percent year-on-year to $3.04 billion from $3.87 billion.

“Korea’s auto exports plummeted due to a slump in emerging economies in the Middle East and Latin America, stemming from a steep drop in crude oil and other commodity prices,” the ministry said in a press release.

Shipments to the Middle East region slumped 71.1 percent year-on-year last month, while shipments to countries in Central and South America slid 48 percent over the cited period. (Yonhap)