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By APD writer Alice
South Korean automakers exported a total 2.4 million vehicles in 2019, a year on year decline of 1.9 percent.
The country’s Ministry of Trade, Industry and Energy attributed the drop in overseas shipments to global economic slowdown and a lack of new models from local producers.
In terms of value, the auto export value was up 5.3 percent to 43 billion USD thanks to increasing popularity of high-end cars, including eco-friendly models.
In December alone, the country's automobile exports dropped 6.7 percent on-year to extend their on-year drop to a fifth consecutive month.
The country's outbound shipments of cars have been decreasing since August in terms of quantity, after expanding 11.6 percent in July, the minsitry’s data showed.
Hyundai Motor Co., the largest player in South Korea, enjoyed a rise of 8.3 percent in exports in December, with thriving SUVs such as the Palisade and the Kona.
However, the export of Kia Motors Corp., a sister arm of Hyundai, plunged 21.4 percent over the period on the firm's efforts to reduce overseas inventories.
In 2019, South Korea’s auto production decreased 1.9 percent to 3.95 million units, due to a fall in production at Renault Samsung Motors Corp. and strikes at GM Korea Co.
Domestic sales hit 1.78 million units, down 1.8 percent compared to the previous year.
About 263,000 vehicles were imported, a fall of 6.4 percent on-year, due mainly to the faltering sales of Japanese cars amid the prolonged trade row between Seoul and Tokyo.
(ASIA PACIFIC DAILY)
