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S.Korean auto exports fall 3 pct in 1st half of 2015 on weak yen, euro

Xinhua, July 6, 2015 Adjust font size:

Car exports by South Korean automakers fell in the first half due to a flagging demand from emerging markets amid the weakness of the Japanese yen and the European single currency, a government report showed Monday.

Auto exports registered 1,551,982 units during the January-June period, down 3 percent from the same period of last year, according to the Ministry of Trade, Industry and Energy.

The export fall was attributable to faltering demand from emerging markets, including Russia, that are struggling with economic slowdown. The weakness of the Japanese yen and the euro dampened price competitiveness of local exporters.

Auto exports to Eastern Europe, Latin America and the Middle East plunged 64.9 percent, 23.2 percent and 10.1 percent respectively in the first half, but those to the United States gained 17.1 percent due to the South Korean currency's deprecation to the U.S. dollar.

Production by five South Korean car manufacturers amounted to 2, 321,840 units in the first half, down 0.9 percent from a year earlier amid the weak overseas demand.

Car sales in the domestic market expanded 6.2 percent to 857, 169 units in the same period. Sales of South Korean cars rose 3.4 percent, while foreign luxury car sales soared 15.2 percent.

In June alone, auto exports jumped 11.8 percent compared with the same month of last year. Car production rose 11.4 percent, and sales in the domestic market climbed 14.6 percent. Endi