Car exports shrink for 9th consecutive month

By 박윤아

Published : Aug. 9, 2016 - 12:28

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[THE INVESTOR] Automobile exports from South Korea fell for the ninth month in a row in July, the government said on Aug. 9.

Outbound shipments of vehicles came to 219,982 units last month, down 16.9 percent from 258,536 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.

The July figure widened from a 13.9 percent on-year drop in June and a 12.4 percent fall in May. The figure was 19.7 percent in April, the largest decline since September 2009, when it plunged 22 percent in the aftermath of the global financial crisis.

Hyundai Motor cars wait to be shipped at a Korea port.

From a month earlier, it also contracted 7.8 percent from June’s 242,100 units.

The total value of overseas shipments slid 14.6 percent on-year to US$3.39 billion, with a 10.5 percent on-month drop. For the first seven months of the year, car exports tumbled 13.7 percent on-year to 1.56 million units.

“A slowdown in the global economy and faltering demand in emerging countries dragged down South Korea’s car exports, while partial strikes by unionist workers of major car companies brought about setbacks in production,” the ministry said.

(theinvestor@heraldcorp.com)

Car exports shrink for 9th consecutive month

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