APD | South Korea's auto export turnover hit a record high in 2019

By APD writer Alice

South Korea’s auto export turnover last year reached the US $39.4 billion, up 5.3% compared to 2018, recording the highest level since 2015, which saw $40.73 billion.

By country, car export to some countries increased sharply: the US (15.5%), Canada (Canada 13.1%), Saudi Arabia (Saudi Arabia- The youngest is 18.9%), France (11.2%), Vietnam (23.7%) and Iraq (Iraq 77.4%). However, car shipments to some other countries decreased such as Australia (Australia -3.6%), the UK (-9.5%) and Italy (Italy, -21%).

In particular, exports to Russia have increased annually since 2016, accounting for 5.6% in the last year, doubling from 2.2% in 2015.

Due to the Seoul-Tokyo tension related to Japan tightening the regulation of exporting high-tech materials to South Korea, imports of cars from Japan last year plummeted mainly in the segment of luxury vehicles, medium, large vehicles, and environmentally-friendly vehicles.

Meanwhile, South Korea spent $11 billion importing vehicles in 2019. Car import turnover increased in Germany (1.3%), the US (3.3%), Sweden (23.4%), South Africa (87.8%), but decreased in Japan (-1.2%), England (-25.7%), Austria (-34.4%) and Italy (-8.6%).

(ASIA PACIFIC DAILY)